China’s tech giant Baidu Inc.  (NASDAQ: BIDU) is planning to dispose of a majority equity stake in financial service business, the company announced today when releasing its first quarter financial results. The company said total assets of RMB47.0 billion (US$7.5 billion) and total liabilities of RMB41.2 billion (US$6.6 billion) were associated with Baidu’s financial service business as of March 31, 2018.  The transaction will be subject to approval by the board of directors of Baidu, and no timetable for the transaction was given. In February, the …

Baidu Plans Disposal Of Financial Service Unit With $7.5B Assets appeared first on China Money Network.