Benzinga | Nov 26, 2021 07:03AM EST

China Central Bank Accepts Alibaba Affiliate Ant's Credit Scoring Venture Application

* People's Bank of China accepted an application to set up a personal credit-scoring joint venture backed by Alibaba Group Holding Ltd's (NYSE:BABA) fintech affiliate Ant Group's, Reuters reports.

* The new venture Qiantang Credit Rating will be subject to regulatory approval.

* Ant and the state-backed Zhejiang Tourism Investment Group Co Ltd would each own 35% of the venture.

* Other state-backed partners, including Hangzhou Finance and Investment Group and Zhejiang Electronic Port, would hold 6.5% each.

* Related Content: Alibaba Faces Another Setback As Ant's Major Investor Slashes Valuation: Reuters

* Price Action: BABA shares traded lower by 3.57% at $131.65 in the premarket session on the last check Friday.