China Minsheng Investment Group, one of the China’s largest private investment groups and helmed by Dong Wenbiao, has led a RMB1.8 billion ($262 million) pre-IPO investment round in Chinese P2P lender Tuandaiwang, according to multiple news sources. Beijing Yisheng Innovation Technology and Beihai Hongtai Investment also invested in this round. The latest round values the platforms at RMB10 billion (US$1.46 billion).
Launched in 2012, P2P lender Tuandaiwang enables users to lend their savings at a higher investment return rate than traditional saving rates. The platform claims that individuals and companies have borrowed around RMB78 billion ($11.4 billion) since launching and lenders can make as much as RMB2.3 billion ($335 million) in returns.
The company said that it would spend this proceeds on the platform’s development and investment in other tech assets. The investors in its previous rounds with a combined funding of RMB675 million include JD Capital, Dongguan Securities and Giant Investment.
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