China’s Cinda Withdraws Ant Group Deal Following State Pressure

China Cinda Asset Management has withdrawn a deal to buy a 20% stake in fintech giant Ant Group’s consumer finance arm. The deal, which was worth around $944 million, was scrapped because of pressure from state authorities. Cinda is one of China’s four biggest state owned asset management companies.

Cinda, while announcing its withdrawal on Thursday, did not elaborate on the reasons of the decision.

Ant Group, an Alibaba affiliate, was hoping for a revival with the deal after its huge $37 billion dual-listing was derailed in November 2020.

Cinda’s investment in Ant was backed by its primary regulator, the China Banking and Insurance Regulatory Commission (CBIRC), but it failed to get the support from higher government authorities.

China’s State Council was one of the authorities that questioned the deal while Ant’s core business has still been in the middle of restructuring.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now


Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today


Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Low Cost Hydrogen Could Push Industry Away from Traditional Hubs

The emergence of low cost hydrogen could push manufacturers from traditional hubs in an effort to sidestep transportation. Today’s industrial manufacturers that are located near fossil fuel sources, particularly coal, could relocate to where hydrogen production is the cheapest.

Israel and the UAE Signed Agreement to Develop Trade

Export credit agencies of Israel and the UAE have signed a cooperation agreement to develop economic relations. Etihad Credit Insurance and the Israel Foreign Trade Risks Insurance Corporation (ASHR’A) plan to support jointly bilateral exports, trade, and investment.

Explained: Financial Turmoil in UK and Future Implications

Last week on Monday, the Bank of England (BoE) has been busy with calls saying some British pension funds were struggling to meet margin calls. By Wednesday, the situation has become more urgent. Fluctuations in British financial markets in response to the government’s Sep. 23 “mini budget” meant that Britain’s pension system was at risk, which has raised concerns about the country’s financial stability. British Finance Minister Kwarteng’s budget statement included dramatic plans to slash taxes and pay for it with borrowing, which drove government bond yields soaring. In the following days, Britain’s borrowing costs surged the most in decades, while the pound plunged to a record low.

Stay informed

error: This content is protected !!