China based provider of innovative technology focusing at providing the world with green, inclusive and sustainable services Ant Group announced having ramped up its registered capital by 47% to $5.44 billion up from $3.7 billion.
The company says that the additional registered capital came from capitalization of its capital reserve and that it didn’t engage in any funding rounds to get the cash from investors.
This information is also captured on the public business registration records. This comes at a time when the company has been on the radar of Chinese authorities which resulted to cancellation of its much awaited mammoth initial public offering (IPO).
Since then, the company has been carrying out its government mandated restructuring. Ant Group’s parent company Alibaba Group Holding Ltd. (BABA) has given a statement saying that the registered capital up scale is intended to support growth and it was implemented according to relevant regulations and business needs.
Back in April, Chinese regulators ordered sweeping restructuring at Ant following suspension of the company’s record $37 billion IPO slated for November. The restructuring placed Ant Group under more stringent oversight and capital requirements.