- Andre Yunque
China Minsheng Leads $262M Pre-IPO Round in P2P Lender
Chinese investments into fintech have declined throughout the year, but apparently, the big boys are still in the game.
China Minsheng Investment Group has led a RMB1.8 billion (US$262 million) pre-IPO investment round in Chinese peer-to-peer lending company Tuandaiwang, valuing the company at RMB10 billion (US$1.46 billion).
A number of other Chinese investment firms participated in the round, including Beijing Yisheng Innovation Technology and Beihai Hongtai Investment.
Tuandaiwang had previously raised three funding rounds worth roughly $98 million. Investors included private equity and venture giant, JD Capital, and billionaire Shi Yuzhu’s personal investment vehicle, Giant Investments.
As for the company itself, Tuandaiwang is based in Guangdong and it operates a peer-to-peer lending platform on TDW.cn. It purportedly “enables users to lend out their savings at a much higher investment return than traditional saving options.” It currently boasts over $11 billion in cumulative loans and roughly $335 million in returns for its users.
Photo: josh