FILE PHOTO: China 's Baidu is to sell a majority stake in its financial services business , Baidu Financial , as it seeks funds to expand in the financial sector . A consortium led by TPG Capital Management and Carlyle Group paid $ 1.9bn for the stake , leaving Baidu with around 42 % of the unit , which will be renamed Du Xiaoman Financial . The internet search giant hopes to take on rivals Alibaba and Google , which have begun making inroads in China 's growing fintech market .
China 's Baidu is to sell a majority stake in its financial services business , Baidu Financial , as it seeks funds to expand in the financial sector . A consortium led by TPG Capital Management and Carlyle Group paid $ 1.9bn for the stake , leaving Baidu with around 42 % of the unit , which will be renamed Du Xiaoman Financial . The internet search giant hopes to take on rivals Alibaba and Google , which have begun making inroads in China 's growing fintech market .