Jack Mas fintech giant Ant Group Co suffered a steeper profit decline in the three months to June as the fintech giant sculpted to appease Chinese regulator Bloomberg reported.

The Hangzhou-based company contributed CNY 2.4 billion (US$335 million). Alibaba Group Holding Limited BABA merits.

Based on Alibaba’s one-third stake in Ant, that translates to estimated earnings of 7.3 billion CNY yuan for Ant’s June quarter, down 63% year-on-year.

Also read: Alibaba’s Jack Ma remains in the top 5 richest in China despite being out of business

Ant’s profits are a quarter behind Alibaba’s. It expanded into Southeast Asia while trying to do so become a financial holding company at home.

Ant has restructured its operations, including raising capital, curtailing consumer lending and restructuring management. Its consumer finance unit raised CNY10.5 billion in a trimmed capital raise from investors after China Cinda Asset Management Co unexpectedly resigned.

Read: Ant Financial’s IPO is Xi Jinping’s latest struggle with big business

Subsidiary Sunny Optical Technology Group Co. will acquire CNY 1.1 billion of the capital of Chongqing Ant Consumer Finance Co. for a 6% stake. Jiangsu Yuyue Medical Equipment & Supply Co. plans to add 524 million CNY and take a 4.99% stake.

Ant Group will contribute CNY5.25 billion to maintain its 50% stake while other backers also invest.

Ant used the payments network it built for Alipay to serve the various local wallets in Asia for cross-border payments. Another emerging source for The revenue comes from the Alipay+ D-Store.

The company plans to generate revenue from serving brands like Burger King that want an online presence on various apps. Ant’s wholesale digital bank in Singapore also began offering loans to small and medium-sized businesses Medium-sized companies this month.

Price promotion: BABA shares are down 7.89% to $84.33 on the last check Thursday.