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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Page 2 of 9 – SEC Filing
| CUSIP No. 52603A109 |
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Tianqiao Chen | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) o (b) o | | ||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (See Instructions) AF | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | o | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION The People’s Republic of China | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||
| 8 | SHARED VOTING POWER 57,739,270 | |||
| 9 | SOLE DISPOSITIVE POWER 0 | |||
| 10 | SHARED DISPOSITIVE POWER 57,739,270 | |||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 57,739,270 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) | o | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.13% (1) | |||
| 14 | TYPE OF REPORTING PERSON (See Instructions) IN | |||
| (1) | Calculated based on 381,621,026 shares of Common Stock that were outstanding as of April 29, 2016 as set forth in the issuer’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2016. |
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Page 3 of 9 – SEC Filing
| CUSIP No. 52603A109 |
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Shanda Media Limited | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) o (b) o | | ||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (See Instructions) AF | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | o | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||
| 8 | SHARED VOTING POWER 57,739,270 | |||
| 9 | SOLE DISPOSITIVE POWER 0 | |||
| 10 | SHARED DISPOSITIVE POWER 57,739,270 | |||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 57,739,270 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) | o | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.13% (1) | |||
| 14 | TYPE OF REPORTING PERSON (See Instructions) CO, HC | |||
| (1) | Calculated based on 381,621,026 shares of Common Stock that were outstanding as of April 29, 2016 as set forth in the issuer’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2016. |
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Page 4 of 9 – SEC Filing
| CUSIP No. 52603A109 |
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Premium Lead Company Limited | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) o (b) o | | ||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (See Instructions) AF | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | o | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||
| 8 | SHARED VOTING POWER 57,739,270 | |||
| 9 | SOLE DISPOSITIVE POWER 0 | |||
| 10 | SHARED DISPOSITIVE POWER 57,739,270 | |||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 57,739,270 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) | o | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.13% (1) | |||
| 14 | TYPE OF REPORTING PERSON (See Instructions) CO, HC | |||
| (1) | Calculated based on 381,621,026 shares of Common Stock that were outstanding as of April 29, 2016 as set forth in the issuer’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2016. |
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Page 5 of 9 – SEC Filing
| CUSIP No. 52603A109 |
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Shanda Technology Overseas Capital Company Limited | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) o (b) o | | ||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (See Instructions) AF | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | o | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||
| 8 | SHARED VOTING POWER 57,739,270 | |||
| 9 | SOLE DISPOSITIVE POWER 0 | |||
| 10 | SHARED DISPOSITIVE POWER 57,739,270 | |||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 57,739,270 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) | o | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.13% (1) | |||
| 14 | TYPE OF REPORTING PERSON (See Instructions) CO, HC | |||
| (1) | Calculated based on 381,621,026 shares of Common Stock that were outstanding as of April 29, 2016 as set forth in the issuer’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2016. |
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Page 6 of 9 – SEC Filing
| CUSIP No. 52603A109 |
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Shanda Asset Management Holdings Limited | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) o (b) o | | ||
| 3 | SEC USE ONLY | |||
| 4 | SOURCE OF FUNDS (See Instructions) AF | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | o | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 0 | ||
| 8 | SHARED VOTING POWER 57,739,270 | |||
| 9 | SOLE DISPOSITIVE POWER 0 | |||
| 10 | SHARED DISPOSITIVE POWER 57,739,270 | |||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 57,739,270 | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) | o | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.13% (1) | |||
| 14 | TYPE OF REPORTING PERSON (See Instructions) CO, HC | |||
| (1) | Calculated based on 381,621,026 shares of Common Stock that were outstanding as of April 29, 2016 as set forth in the issuer’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2016. |
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Page 7 of 9 – SEC Filing
This Amendment No. 1 to Schedule 13D (this “Amendment No. 1”) relates to the common stock, par value $0.01 per share (the “Common Stock”), of LendingClub Corporation, a Delaware corporation (the “Issuer”) and amends the Schedule 13D filed on May 23, 2016 (the “Original Schedule 13D” and, together with this Amendment No. 1, the “Schedule 13D”). Capitalized terms used and not defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D.
This Amendment No. 1 is being filed to amend Item 3, Item 5, and Item 7 of the Schedule 13D as follows:
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is amended and restated to read as follows:
The aggregate purchase price for 57,739,270 shares of Common Stock (the “Shares”) beneficially owned by the Reporting Persons was $279,497,770, inclusive of (i) commissions paid and (ii) with respect to Shares beneficially owned through options that have been exercised, the exercise price of such options, plus the premiums paid for call options (to the extent such options were call options) less the premiums received for put options (to the extent such options were put options). Such purchase price was funded through internally generated funds of the Shanda Group.
Item 5. Interest in Securities of the Issuer
Item 5 of the Schedule 13D is amended and restated to read as follows:
The information set forth in Items 2, 3 and 4 herein is incorporated herein by reference.
(a) – (b)
Shanda Asset Management Holdings Limited holds 57,739,270 shares of Common Stock, representing approximately 15.13% of the outstanding shares of Common Stock of the Issuer. The foregoing percentage is calculated based on 381,621,026 shares of Common Stock of the Issuer outstanding as of April 29, 2016.
Mr. Chen, through his ownership of Shanda Media Limited, may be deemed to share voting and dispositive power over the Shares and any shares subject to any call options (the “Option Shares”, together with the Shares, the “Securities””) beneficially owned by Shanda Media Limited. Shanda Media Limited, through its ownership of Premium Lead Company Limited, may be deemed to share voting and dispositive power over the Securities beneficially owned by Premium Lead Company Limited. Premium Lead Company Limited, through its ownership of Shanda Technology Overseas Capital Company Limited, may be deemed to share voting and dispositive power over the Securities beneficially owned by Shanda Technology Overseas Capital Company Limited. Shanda Technology Overseas Capital Company Limited, through its ownership of Shanda Asset Management Holdings Limited, may be deemed to share voting and dispositive power over the Securities directly held by Shanda Asset Management Holdings Limited. None of the Reporting Persons beneficially owns any Option Shares as of the date of this Amendment No. 1.
Except as set forth in Item 5(a), none of the Reporting Persons, and, to the best of their knowledge, any persons named in Schedule A hereto owns beneficially any Common Stock of the Issuer.
(c) Set forth on Exhibit 2 hereto are all transactions in the securities of the Issuer effected during the past sixty days by the Reporting Persons, inclusive of any transactions effected through 9:30am, New York City time, on June 20, 2016.
(d) Inapplicable.
(e) Inapplicable.
Item 7. Material to be Filed as Exhibits
Exhibit 2: Transactions in the Securities effected in the past 60 days.
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Page 8 of 9 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
June 20, 2016
| TIANQIAO CHEN | |||
| By: | /s/ Tianqiao Chen | ||
| SHANDA MEDIA LIMITED | |||
| By: | /s/ Tianqiao Chen | ||
| Name: Tianqiao Chen | |||
| Title: Director | |||
| PREMIUM LEAD COMPANY LIMITED | |||
| By: | /s/ Tianqiao Chen | ||
| Name: Tianqiao Chen | |||
| Title: Director | |||
| SHANDA TECHNOLOGY OVERSEAS CAPITAL COMPANY LIMITED | |||
| By: | /s/ Tianqiao Chen | ||
| Name: Tianqiao Chen | |||
| Title: Director | |||
| SHANDA ASSET MANAGEMENT HOLDINGS LIMITED | |||
| By: | /s/ Tianqiao Chen | ||
| Name: Tianqiao Chen | |||
| Title: Director | |||
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Page 9 of 9 – SEC Filing
SCHEDULE A
DIRECTORS AND EXECUTIVE OFFICERS OF EACH REPORTING PERSON (OTHER THAN MR. CHEN)
The name, business address, citizenship, present principal occupation of each of the directors of each Reporting Person (other than Mr. Chen), are set forth in the tables below. The business address of each director is located at 8 Stevens Road, Singapore 257819. Each occupation set forth opposite an individual’s name in the following tables refers to employment with Shanda Group. None of the Reporting Persons (other than Mr. Chen) has any executive officers.
SHANDA MEDIA LIMITED
| Name and Citizenship | Present Principal Occupation | |
| Director | ||
| Tianqiao Chen, PRC | Chairman and Chief Executive Officer |
PREMIUM LEAD COMPANY LIMITED
| Name and Citizenship | Present Principal Occupation | |
| Directors | ||
| Tianqiao Chen, PRC | Chairman and Chief Executive Officer | |
| Chrissy Qian Qian Luo, Singapore | Vice Chairman |
SHANDA TECHNOLOGY OVERSEAS CAPITAL LIMITED
| Name and Citizenship | Present Principal Occupation | |
| Directors | ||
| Tianqiao Chen, PRC | Chairman and Chief Executive Officer | |
| Hongji Chen, PRC | Retired | |
| Zaihua Shu, PRC | Retired | |
SHANDA ASSET MANAGEMENT HOLDINGS LIMITED
| Name and Citizenship | Present Principal Occupation | |
| Directors | ||
| Tianqiao Chen, PRC | Chairman and Chief Executive Officer | |
| Hongji Chen, PRC | Retired | |
| Zaihua Shu, PRC | Retired |
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