China CITIC Bank Corp. Ltd. and Baidu Inc.'s fintech joint venture, aiBank, is looking to raise up to 7 billion Chinese yuan through a private funding round, Bloomberg News reported May 22, citing people with knowledge of the matter.
Deliberations regarding the financing are ongoing and details of the deal may change, the sources said.
The joint venture aims to complete the financing in the coming months, one of the people said.
A Baidu representative declined to comment on the matter, while aiBank said in an email to the news outlet that it has nothing further to disclose.
As of May 21, US$1 was equivalent to 6.90 Chinese yuan.