- SVP Zhu Guang will run newly spun-off finance division
- New fintech company will be one of China’s best-funded
Taikang Group and other backers also joined the funding round for the newly formed company, which will be called “Du Xiaoman Financial” and use artificial intelligence to provide short-term loans and investment services. Baidu Senior Vice President Zhu Guang will run the business as an independent entity, according to a statement Saturday. The news comes a day after Baidu said it planned to sell a majority stake in the business, without providing a timetable.
Baidu announced plans to spin off the unit in July, to help it obtain domestic financial services licenses and reduce drag on the parent, China’s most…