Legend Holdings Corporation, the parent company of PC and smartphone maker Lenovo Group (HK.0992), has invested an undisclosed amount of financing in P2P lending site eLoancn. Some local media has reported that the investment is around RMB900 million (US$147 million).

Founded in 2007 as one of the earliest P2P platforms in China, eLoancn is a Wenzhou-based online lending platform where members can borrow and lend money among themselves at better interest rates than a bank typically offers. eLoancn differentiates itself from peers with a special focus on agriculture, farming and rural areas. Its main business comes from farmers’ personal loans, which are mainly used for agricultural reproduction and breeding.

The company claimed to have set up more than 1,000 operation centers across over 100 cities in China. According to the site, it recorded a turnover of RMB300 million in 2013 and RMB1.72 billion this year as of October.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.