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LendingClub Corp (NYSE:LC): Billionaire Tianqiao Chen’s Shanda Media Ltd Raises Stake

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When Renaud Laplanche a CEO of LendingClub Corp (NYSE:LC) resigned from this position in May, the company shares started seriously declining (the company lost around $700 within a day of Mr. Laplanche resignation), which is why many investors have jumped in increasing their stakes. Among them is billionaire Tianqiao Chen’s Shanda Media Ltd, which as well has increased its stake in LendingClub Corp (NYSE:LC) and currently owns 57.74 million shares, which amass 15.13% of the company’s outstanding stock, as reported in a newly-amended 13D filing with the US SEC. Shanda Media Ltd previously held around 29.05 million shares, which accounted for 11.7% of the total amount of shares.

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LendingClub it a peer-to-peer lending company that offers an online marketplace where investors and browsers can connect more easily. Over the past 12 months, the company’s stock lost around 57%, mainly due to reports of falsification of documentation related to a loan of $22 million, following which the company’s founder and CEO Renaud Laplanche resigned. Recently, FBR&Co. reiterated its ‘Hold’ rating on LendingClub’s stock, and Morgan Stanley reiterated its ‘Equal Weight’ rating.

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Among hedge funds tracked by Insider Monkey, at the end of March, 23 reported long positions in LendingClub Corp (NYSE:LC), versus 18 funds a quarter earlier. David Gallo’s Valinor Management LLC held the biggest position, worth around $147.5 million, and the second biggest position was disclosed by Jason Karp’s Tourbillon Capital Partners, valued at $47 million in call options. Remaining investors that are bullish on this stock are Christopher James’s Partner Fund Management, Alexander Tamas’s VY Capital, Glenn Russell Dubin’s Highbridge Capital Management, Jim Simons’s Renaissance Technologies, Christopher Lyle’s SCGE Management, and Eric Semler’s TCS Capital Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Tianqiao Chen 0 57,739,270 0 57,739,270 57,739,270 15.13%
Shanda Media Limited 0 57,739,270 0 57,739,270 57,739,270 15.13%
Premium Lead Company Limited 0 57,739,270 0 57,739,270 57,739,270 15.13%
Shanda Technology Overseas Capital Company Limited 0 57,739,270 0 57,739,270 57,739,270 15.13%
Shanda Asset Management Holdings Limited 0 57,739,270 0 57,739,270 57,739,270 15.13%

Page 1 of 9 – SEC Filing



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_____________________________
 
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
 
_____________________________
 
LendingClub Corporation
(Name of Issuer)
Common Stock, $0.10 Par Value Per Share
(Title of Class of Securities)
52603A109
(CUSIP Number)
Li Han
Group General Counsel
8 Stevens Road, Singapore 257819
Telephone: (+65) 6361 0971
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
 
 
June 16, 2016
(Date of Event which Requires Filing of this Statement)
 
_____________________________
 
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-l(f) or 240.13d-l(g), check the following box.  ¨
 
*      The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


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