China Cinda Asset Management said on Thursday it plans to scrap an agreement to buy a 20% stake in the consumer finance arm of Ant Group, worth 6 billion yuan ($943.83 million).

“After further prudent commercial consideration and negotiation with (Chongqing Ant Consumer Finance), the company proposed not to participate in the share subscription,” Cinda said in a filing to the stock exchange. Cinda, one of the country’s four biggest state asset managers, said the withdrawal would not have any material impact on the company.

https://cindab.com/

China’s Cinda Scraps $944M Investment Into Ant’s Consumer Finance Unit

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China’s Cinda Scraps $944M Investment Into Ant’s Consumer Finance Unit

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