Baidu spinoff Du Xiaoman Financial has injected $65m into Harbin Bank Consumer Finance as part of a collaboration deal that will see them develop a range of products and services.
Duxiaoman Chongqing Technology, a subsidiary of internet group Baidu’s financial services spinoff, Du Xiaoman Financial, has invested RMB450m ($65m) in China-based online lender Harbin Bank Consumer Finance (HBCF).
The deal was conducted last month but only disclosed yesterday, through a regulatory filing. It gave Duxiaoman a 30% stake in HBCF.
HBCF is a consumer finance subsidiary of financial services firm Harbin Bank, which established the unit in 2016 after it secured regulatory approval to offer personal loans.
The company…
