News  >  Breaking News  >  Minsheng Investment Leads $262M Pre-IPO Round In P2P Lender Tuandaiwang

Minsheng Investment Leads $262M Pre-IPO Round In P2P Lender Tuandaiwang

By Editing NAI
05/29/2017 5:55 p.m.

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.

Launched in 2012, Tuandaiwang operates a P2P lending platform on Tdw.cn. Based in Dongguan city in Guangdong province, the company enables users to lend out their savings at a much higher investment return than traditional saving options. Tuandaiwang says it has helped individuals and companies borrow RMB78 billion (US$11.4 billion) cumulatively, and helped lenders make RMB2.3 billion (US$335 million) in returns.

It previously raised three funding rounds worth an aggregate total of RMB675 million from investors including JD Capital, Dongguan Securities and Giant Investment Ltd., the personal investment vehicle of the chairman of gaming company Giant Interactive Group Inc. Tuandaiwang says it will use the proceeds to improve its technology platforms, invest in other tech assets and prepare for its IPO.

China Minsheng Investment was officially launched in 2014 with RMB50 billion (US$8 billion) contributed by 59 major private Chinese companies. The firm is led by the former chairman of China Minsheng Banking Corp., Dong Wenbiao.

Source: chinamoneynetwork.com



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