Yixin Capital Limited, a Chinese online automotive transaction platform, is to receive an equity investment of up to RMB4 billion.
Backers included a group of strategic investors including Tencent, Bitauto, China Orient AMC International, and SF Express founder Mr. Wei Wang.
The transactions are expected to close by the end of May 2017, subject to customary closing conditions, whereupon Bitauto will hold over 48% of Yixin’s outstanding share capital.
In addition, Yixin Capital Limited will change its name to Yixin Group Limited.
Led by Mr. Andy Zhang, founder and chief executive officer, Yixin is an online automotive transaction platform in which consumers and partners (such as automakers, auto dealers, financing and insurance partners, and aftermarket service providers) are actively participating.