With 300m yuan stake in Penging, Vanke goes bullish on fintech sector

Shenzhen-based financial technology platform Penging said China Vanke Co Ltd, the giant residential property developer currently embroiled in a battle for its control, has signed an agreement to invest around 300 million yuan ($45 million), becoming the biggest shareholder in the fintech platform.

The announcement, made on Tuesday, did not clarify how many shares Vanke holds. Zhu Jiusheng, who was previously Vanke's senior vice-president, will join Penging but his actual post has yet to be announced, according to the fintech platform's news release.

Vanke conducted detailed, half-year due diligence on the investment and gained a thorough understanding of Penging's business model, risk control model, staff and other aspects before it made the decision, said the announcement.