News Snapshot:
Cinda Asset Management has unexpectedly withdrawn from the recapitalisation of Chongqing Ant Consumer Finance barely three weeks after announcing it, adding a surprising twist to the restructuring of China’s largest fintech company. Cinda said its board decided “not to participate” in the plan to pay 6 billion yuan (US$930 million) for an additional 20 per cent stake in Chongqing Ant, according to a filing to the Hong Kong stock exchange signed by the bad-loans manager’s chairman Zhang Zi’ai. “After further prudent commercial consideration and negotiation with the target company, [Cinda] proposed not to participate in the share subscription,” the company...
