China tells Ant it can’t go public until capital shortfall fixed

CHINESE regulators have told Ant Group Co. it can’t proceed with an initial public offering until after it complies with new capital requirements and other restrictions imposed on the country’s financial conglomerates at the start of this month.

Ant will have to make changes that include capital increases at its lucrative micro-lending units, people familiar with the matter said. The fintech giant must also reapply for licenses for the units to operate nationwide, the people added, asking not to be identified discussing a private matter.