Baidu splits financial business and raises US$1.9 bn
New brand to increase investment in technology, open up platforms and technical capabilities and promote ecological construction
Chinese Internet giant Baidu said it has split its financial business and set up a new brand named Du Xiao Man to achieve independent operations, The Paper reported.
In the latest round of financing for Du Xiao Man, the total amount has exceeded US$1.9 billion yuan. TPG and the Carlyle Group have led the investment, followed by Taikang Life Insurance and ABC International.
After the financing, Du Xiao Man will continue to increase its investment in technology, open up more platforms and technical capabilities and promote financial ecological construction.
Meanwhile, as finance is one of the most promising areas for the commercialization of artificial intelligence, the company will focus on using Baidu’s technical strength and data assets to create a set of AI financial technology.
Baidu’s senior vice president Zhu Guang will serve as the CEO of Du Xiao Man.