Mar 10, 2023

(Yicai Global) March 10 -- Du Xiaoman Financial denied rumors that the financial technology arm of Chinese internet giant Baidu plans to go public in Hong Kong, The Paper reported. Du Xiaoman is about to submit a prospectus to the Hong Kong Stock Exchange to list on the main board in the first half of the year at the earliest, according to recent online rumors. Dou Xiaoman Financial, formerly known as Baidu Finance, was established in 2015. In April 2018, Baidu split its financial services business and began to use the brand Du Xiaoman, which has business licenses for payment, credit, banking, insurance broker, fund sales, and consumer finance. China’s 14 platform companies, including Du Xiaoman, Ant Group, Tencent Holdings, JD Digits, ByteDance Technology, and Lufax Holding, have basically completed the fintech reform the country asked them to carry out back in 2021, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said on Jan. 7. The People’s Bank of China will promote the issuance of laws to stabilize the finance sector, regulate all financial activities, and support platform companies to develop safely with the new reform, Governor Yi Gang said on March 3. Editor: Futura Costaglione