Ucar Group, a ride hauling service unit launched by Chinese rental car company Car Inc., has received RMB2.4 billion (US$350 million) strategic investment from People's Insurance Company of China Holdings Co., bringing the company's total fundraising this year to RMB7 billion (US$1 billion).
People's Insurance Company of China subscribed to 142 million shares of Ucar, which is listed on China's New Third Board, at the price of RMB16.8 (US$2.47) apiece, according to a company's announcement.
People's Insurance, the largest auto insurer in China, is investing as a strategic investor and plans to cooperate with Ucar on the areas of car insurance and automobile financial services.
Ucar plans use the latest proceeds to develop Maimaiche.com, an online platform that will offer new vehicle purchasing and online car trading services. The co...
This news article comes via , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of China Money Network