China aims to achieve annual production and sales of two million new energy vehicles by 2020, as the country ramps up efforts to expand its green energy sector and reduce dangerous levels of air pollution in its major cities. New energy cars are defined as vehicles powered by alternative sources of energy. They include hybrid,… Continue reading China Eyes Two Million New Energy Vehicles In Annual Production By 2020
Tag: M and A
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
Tencent Leads $600 Million Series A Financing Round In Mobile
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion. The round was joined by existing investors… Continue reading Tencent Leads $600 Million Series A Financing Round In Mobile
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
Go Scale Capital Joins $70M New Funding Round In Protean Electric
Go Scale Capital, Zhejiang VIE Science & Technology and Tianjin THSG Corporation have led a US$70 million new financing round in Protean Electric, an in-wheel electric drive system developer, according to a company announcement. Existing investors Oak Investment Partners and GSR Ventures also participated in the round. The new funding will be used to ramp… Continue reading Go Scale Capital Joins $70M New Funding Round In Protean Electric
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
Tencent Leads $600 Million Series E Financing Round In Mobike
Chinese bike rental firm Mobike has raised over US$600 million in a series E financing round led by Tencent Holdings Ltd., the largest financing round to date in the bike sharing space, the firm announced today. It brings the company’s total fundraising this year to nearly US$1 billion. The round was joined by existing investors… Continue reading Tencent Leads $600 Million Series E Financing Round In Mobike
China Dynamics, Tak Cheung Yam Join Series A Round In Rimac Automobili
Croatian high-performance electric vehicle developer Rimac Automobili says it has completed €10 million (US$12.3 million) series A financing from three investors including Hong Kong-listed Chinese electric vehicle and battery maker China Dynamics (Holdings) Limited, according to a company announcement. The other two investors are the CEO and chairman of oil and gas company Petrotesting Colombia,… Continue reading China Dynamics, Tak Cheung Yam Join Series A Round In Rimac Automobili
Hillhouse Leads $50M Series B In India’s CarDekho.Com
Asia-focused alternative investment management firm Hillhouse Capital Management has led US$50 million series B financing round in Indian automobile classified ads web platform CarDekho.com, according to a company announcement. Tybourne Capital and Sequoia Capital also participated in the round, which increased the valuation of CarDekho’s parent company, Girnar Software, to approximately US$300 million. “We see… Continue reading Hillhouse Leads $50M Series B In India’s CarDekho.Com
Chinese Car Maker Geely To Acquire 30% Of Danish Financial Firm Saxo Bank
Saxo Bank Group, a Danish multi-asset trading and financial-technology firm, has received an offer from Geely International Hong Kong, a subsidiary of Chinese car maker Zhejiang Geely Holding Group Co., Ltd, to become a major shareholder in Saxo, enabling the bank to capitalize on global growth opportunities, especially in China. Lars Seier Christensen, co-founder of… Continue reading Chinese Car Maker Geely To Acquire 30% Of Danish Financial Firm Saxo Bank