China's auto, internet giants set up 9.76b yuan fund to invest in ride-sharing industry

China's major automobile and internet companies, including Chongqing Changan Automobile, Alibaba and Tencent, are setting up a 9.76 billion yuan joint venture to invest in ride-sharing industry, Chongqing Changan Automobile said on Friday.[BEIJING] China's major automobile and internet companies, including Chongqing Changan Automobile, Alibaba and Tencent, are setting up a 9.76 billion yuan joint venture to invest in ride-sharing industry, Chongqing Changan Automobile said on Friday.

Chongqing Changan Automobile has invested 1.6 billion yuan in the investment company in Nanjing with partners such as Alibaba's investment firm, Tencent's affiliate, Suning's investment unit, FAW, and Dongfeng Motor. Changan, Dongfeng, and FAW will each have a 15 per cent stake in the investment firm, while Suning will be the biggest shareholder with a 19 per cent stake, Changan said in an exchange filing.

Alibaba and Tencent's investment units will together hold the remainder shares with some other funds, according to the stock exchange filing.The joint venture will invest in ride-sharing industry with focus on new energy vehicles. It will set up a ride-sharing company. The firm will not engage in other businesses, according to the filing.

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Racing against China, US reveals details of US$500m supercomputerSAN FRANCISCO (NYTIMES) - The US Department of Energy disclosed details Monday (March 18) of one of the most expensive computers being built: a US$500 million (S$675 million) machine based on Intel and Cray technology that may become crucial in a high-stakes technology race between the United States and China.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »