China’s People’s Insurance Co Injects $350M In Ride Hauling Firm Ucar

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, an online platform that will offer new vehicle purchasing and online car trading services. The co...

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