As city streets in China become a theater for the current venture capital-fueled bike rental start-up frenzy, the two biggest bike rental companies in the country, Shanghai-based Mobike and Beijing-based ofo, are both raising massive new financing rounds totaling nearly US$1 billion. Mobike is raising a new round worth several hundred million U.S. dollars, which… Continue reading China’s Bike Rental Firms Mobike, ofo Are Raising Nearly $1 Billion In Fresh Funding
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After Three Years In China: What Are Tesla’s Hits And Misses?
After opening its first showroom in Beijing in November 2013, Tesla has been expanding in the Chinese market for three years. Its Model S and Model X are regularly seen on the streets of Beijing and Shanghai, and Tesla Supercharger stations have dotted major cities in the country. Despite falling way short of company chief… Continue reading After Three Years In China: What Are Tesla’s Hits And Misses?
Source Code Capital Joins $22.5M Series C Round In Auto O2O Player eBaoyang
Source Code Capital has joined a RMB150 million (US$22.5 million) series C round of financing in automobile after-sales O2O (online-to-offline) service provider, eBaoyang, Chinese media reported. The round is led by Yihao Capital, an entity that currently lacks any available identifiable public information. Founded in 2014, eBaoyang completed a US$20 million series B financing led… Continue reading Source Code Capital Joins $22.5M Series C Round In Auto O2O Player eBaoyang
KKR-Backed Rundong Automobile Group Plans $138M HK IPO
Jiangsu province-based Chinese automobile dealership company Rundong Automobile Group is planning an IPO in Hong Kong to raise as much as US$138 million, according to an official prospectus. Rundong plans to sell 268.62 million shares at HK$3.58 to HK$3.98 per share, to raise as much as HK$1.07 billion (US$138 million). The proceeds will be used for acquisitions,… Continue reading KKR-Backed Rundong Automobile Group Plans $138M HK IPO
Joy Capital Participates In Tuhu’s Series C Round
Shanghai-based automobile after-sales products and services e-commerce platform Tuhu has completed its series C funding round from Joy Capital, Welkin Capital Management, Far East Horizon Limited, and Haitong Securities Co., according to a company announcement. The company raised approximately US$100 million in the latest round, says a company representative. Existing investors Legend Capital and Qiming… Continue reading Joy Capital Participates In Tuhu’s Series C Round
Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Beijing-based bike rental company ofo today increased the deposit new users must pay to borrow bikes to RMB199 (US$29) from RMB99 (US$14.5) previously. Despite the increase, ofo’s deposit price remains significantly less than the RMB299 deposits required by rival Mobike. ofo can charge a smaller deposits because its bright yellow bikes are relatively cheap to… Continue reading Chinese Bike Rental Firm Ofo Increases Bike Deposits To RMB199 From RMB99
Chinese Provinces Race For Lead In Electric Vehicle Innovation
Provinces across China are vying to attract electric vehicle companies and projects, positioning themselves to benefit most as China aspires to become a world leader in electric vehicle innovation. The latest region to score big is the Guian New Area, a 1,795 square kilometer economic zone located near Guiyang city in sleepy Guizhou province. China’s… Continue reading Chinese Provinces Race For Lead In Electric Vehicle Innovation
China’s Leo Group Joins $121M Capital Injection In Electric Vehicle Start-Up
Shenzhen-listed mini-pumps and garden machines maker Leo Group Co., Ltd. has agreed to join seven other investors to inject RMB780 million (US$121 million) in a smart electric vehicle start-up established by Li Xiang, the founder of New York-listed Autohome Inc. In a securities filing (in Chinese), Leo Group says it will invest RMB350 million to… Continue reading China’s Leo Group Joins $121M Capital Injection In Electric Vehicle Start-Up
Beijing Considers Tighter Rules On Bike Sharing Deposits
The Beijing Municipal Bureau of Financial Work is considering tighter regulations over the management of deposits collected by bike sharing companies, in order to protect consumers and reduce financial risk in the industry. Bike sharing companies registered in Beijing may be asked to put all bike deposits they have collected into a special bank account… Continue reading Beijing Considers Tighter Rules On Bike Sharing Deposits
Zhongding To Invest $200M In EcoMotors
Allen Park, Michigan-based next generation internal combustion engine maker EcoMotors has secured an undisclosed series D round of financing led by Chinese auto parts maker Anhui Zhongding Holding (Group) Co., Ltd., says a company announcement. Even though the total amount of EcoMotors’ funding round is not disclosed, the company says that Zhongding has agreed to… Continue reading Zhongding To Invest $200M In EcoMotors