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Ant Group has received approval from Chinese regulators to start operations at its consumer lending business, a key positive step in the forced restructuring just months after its dual-listing was abruptly suspended.
The Chongqing branch of the China Banking and Insurance Regulatory Commission (CBIRC) has approved Chongqing Ant Consumer Finance to start operations within six months, according to a statement released by the regulator on Thursday.
The company will be registered in Chongqing with a total registered capital of 8 billion yuan. Ant will hold a 50 per cent stake in the new . . .
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