China Cinda Asset Management fails to acquire 20% stake in Ant Group for $943.8m.

China Cinda Asset Management, a Chinese merchant bank and asset management company, failed to acquire 20% stake in consumer finance unit of Ant Group, an owner of digital payment platform Alipay, for $943.8m. "After further prudent commercial consideration and negotiation with (Chongqing Ant Consumer Finance), the company proposed not to participate in the share subscription," Zhang Weidong, China Cinda Asset Management CEO and President.