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China's Hexindai agrees to buy 5.88% stake in peer-to-peer lending platform

China's Hexindai Inc. signed definitive agreements to acquire a 5.88% equity stake in Phoenix Intelligent Credit Group Ltd. for 200 million yuan.

Phoenix Intelligent Credit is a subsidiary of Phoenix Financial Group Ltd. and operates a peer-to-peer lending platform in China.

The peer-to-peer lender said both parties will facilitate 10 billion yuan in consumer credit loans over a three-year period beginning in 2019. It added that the acquisition will help it expand its loan business and improve its risk management systems.

The Jan. 8 disclosure came after Hexindai said Dec. 10, 2018, that it signed a term sheet for the proposed acquisition of a minority stake in an undisclosed target company.

As of Jan. 8, US$1 was equivalent to 6.85 Chinese yuan.