($1 = 6.3325 Chinese yuan renminbi) Reporting by Rushil Dutta in BENGALURU and Clare Jim in HONG KONG; Writing by Sayantani Ghosh; Editing by Jason Neely and Christopher Cushing China's Baidu is to sell a majority stake in its financial services business, Baidu FSG, 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 Baidu with around 42% of the unit, which will be renamed Du Xiaoman Financial. The deal comes after Chinese regulators approved an initial public offering (IPO) last month that raised $800m (£528m) from investors including SoftBank Group, Alibaba and Tencent.
China's Baidu is to sell a majority stake in its financial services business, Baidu FSG, 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 Baidu with around 42% of the unit, which will be renamed Du Xiaoman Financial. The deal comes after Chinese regulators approved an initial public offering (IPO) last month that raised $800m (£528m) from investors including SoftBank Group, Alibaba and Tencent.