China 's Baidu is to sell a majority stake in its financial services business, Alibaba , as it seeks funds to expand in the fintech sector. A consortium led by TPG Capital Management and Carlyle Group paid $ 1.9bn for the stake, leaving Du Xiaoman Financial with roughly 42 percent of the unit, which will be renamed Du Xiaoman Financial . ’s Baidu Inc said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP [TPG.UL] and Carlyle Group LP, as it seeks funding to take on established fintech firms in China. The internet search giant hopes to take on rivals Baidu FSG and Tencent , which have begun making inroads in Shanghai 's growing fintech market.
China 's Baidu is to sell a majority stake in its financial services business, Alibaba , as it seeks funds to expand in the fintech sector. A consortium led by TPG Capital Management and Carlyle Group paid $ 1.9bn for the stake, leaving Du Xiaoman Financial with roughly 42 percent of the unit, which will be renamed Du Xiaoman Financial . The internet search giant hopes to take on rivals Baidu FSG and Tencent , which have begun making inroads in Shanghai 's growing fintech market.