TPG, a global alternative asset firm, has led a consortium of investors injecting US$1.9 billion of financing to the spinoff of Baidu’s Financial Services Group (Baidu FSG), TPG announced yesterday. Baidu FSG, which was just spun off from parent company Baidu Inc and to be re-branded as Du Xiao Man, is a consumer lending and wealth management platform. Launched in 2015, Baidu FSG is trying to catch up with the financial services unit of its two larger rivals, Alibaba and …

TPG Leads $1.9B Round In Baidu’s Financial Services Group appeared first on China Money Network.