Cinda pulls out of Chongqing Ant’s recapitalisation in surprise move

Cinda Asset Management has unexpectedly withdrawn from the recapitalisation of Chongqing Ant Consumer Finance barely three weeks after announcing it, adding a surprising twist to the restructuring of China’s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…

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