Shanda Group has acquired an 11.7% stake in U.S. marketplace lender LendingClub, according to a regulatory filing from the U.S. Securities and Exchange Commission. The deal makes the Singapore-based investment company the largest shareholder of LendingClub.

The disclosure of the purchase, which was sealed in March and April, sent shares of the lending platform up more than 8% in pre-market trading on Monday, following a plunge after LendingClub’s founder Renaud Laplanche was forced to resign for violating the company’s business practices in a “non-conforming sale” of $22 million in loans.

According to Shanda, the purchase was made to invest in industries with “a large-scale and long-term, sustainable growth potential.”

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

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.