Askume, Sept 12 – China’s Ant Group (688688.SS) is refinancing its $6.5 billion credit line as Alibaba.The financial technology giant backed by (9988.HK) founder Jack Ma is looking to strengthen its overseas business.
This refinancing is for an existing syndicated credit line from 2019, the spokesperson said.
The company plans to allocate $1.5 billion in borrowings to its overseas subsidiary Ant Financial, according to a Bloomberg report citing people familiar with the matter. Bloomberg reported the development on Thursday.
Ant Group, which runs China’s ubiquitous mobile payment app Alipay, changed its organizational structure in March , creating independent boards of directors for some divisions so they can operate more independently, Askume reported.
Askume calculated that the company’s August quarter net profit fell nearly 10% to 12 billion yuan ($1.69 billion).
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