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%, March after its founder and CEO Renaud Laplanche was forced out. Chen had previously hinted that he viewed Lending Club's crumbling stock as a buying opportunity and has been investing in the company since two days.