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Chinese search engine Baidu (BIDU.O) is seeking new investors for its wholly owned financial sector, with a transaction scale of up to 2 billion US dollars, which will help the company further exert its strength in financial services, people familiar with the matter said.
Sources told Reuters that investors would buy part of Baidu's Baidu financial services group (FSG) or buy new shares in the Department. Baidu FSG is valued at about 18 billion yuan ($2 billion 800 million) before a new round of financing.
The source said Baidu is currently negotiating with potential investors with the aim of attracting $15-20 billion. Baidu will raise 50% of its capital by selling shares in the sector. One source said that this round of financing is expected to end before the end of April.
Baidu FSG business architecture is made up of many plates, such as wallet payment, financial management, Internet Bank and so on. By strengthening the sector, Baidu is trying to narrow the gap with its local competitors, Alibaba (BABA.N) and Tencent (0700.HK) in financial services.
This round of financing also coincides with a broader adjustment of Baidu's corporate strategy to seek new revenue channels outside the core search business.

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