Baidu’s financial services business has secured US$1.9 billion in Series A round of funding led by TPG and The Carlyle Group and joined by investors including Taikang Group and ABC International Holdings. Baidu’s stake in it will be reduced to 42%. The business has been rebranded as Du Xiaoman (度小满）.
Established in December 2015, Baidu’s finance arm offers installment payment options to consumers and online investment services to investors. Gross interest income and interest costs in 2017 were RMB3.5 billion (US$543 million) and RMB1.9 billion (US$288 million), respectively. The total assets and total liabilities were RMB 47.0 billion ($7.5 billion) and RMB 41.2 billion ($6.6 billion) as of March 31, 2018, respectively.
Baidu’s online consumer loan business is operated through two companies, Chongqing Baidu Small Loans Co., Ltd.(not official translation), established in October 2015, and Shanghai Baidu Small Loans Co., Ltd.(not official translation), with the bulk of the total loan volume originated by the former.