Panda Financial Raises RMB 2.7 Bln to Develop Financial Services Platforms
Panda Financial, 6/18/15
Online financial services firm Panda Financial (600599.SH) (formerly Panda Fireworks Group) has announced a plan to raise up to RMB 3 bln through a private offering of additional shares. RMB 1.66 bln will be used to construct online P2P lending platform Yinhu.com and internet financial big data center, and another RMB 1.34 bln will be used to construct a financial information services platform.
Hangzhou-based Licheng Equity Investment Partnership has applied to invest RMB 300 mln. One of the partners at Licheng is Simon Xie, a co-founder and VP at Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA).
Editor's Note: For more information on this topic, please see "Update: Panda Financial Terminates Acquisition of P2P Lending Site Niwodai," MD 6/05/15 issue.
Keywords: online lending Licheng Equity financing Internet Alibaba Group financial services BABA Panda Financial 600599.SH M&A Simon Xie