Baidu has divested a majority stake in its financial services unit, raising capital from investors including Taikang and ABC International.
China-based internet company Baidu spun out its financial services subsidiary, Du Xiaoman Financial, on Sunday with a $1.9bn commitment from investors including insurance provider Taikang and financial services firm ABC International.
Private equity group TPG and asset management firm Carlyle Group co-led the round, which also featured several unnamed backers. TPG invested $1bn through Rise Fund and two other vehicles that will jointly take a 26% stake in the company, according to ImpactAlpha.
The transaction will provide Du Xiaoman with…
