Shanda Group, a private investment firm founded by Chinese internet entrepreneurs, said it raised its stake in troubled online lender LendingClub Corp. to 15.1%. The disclosure, made in a filing with the Securities and Exchange Commission, comes nearly a month after Shanda Group disclosed that it had amassed an 11.7% stake in the company, amid a U.S. shopping spree by the Singapore-based group. Shanda won’t take an active role in...
Chinese billionaire Chen Tianqiao's Shanda Group has increased its stake in troubled online lender Lending Club to 15.1%, two days after its founder and CEO Renaud Laplanche was forced out. The move comes as the company faces mounting pressure from regulators over how it handles bad loans on its platform.