BEIJING, May 11, 2017 /PRNewswire/ Korea IT Times-- Yixin Capital Limited ("Yixin"), a leading online automotive transaction platform in China, today announced that a group of strategic investors including Tencent, Bitauto, China Orient AMC International, and SF Express founder Mr. Wei Wang, have entered into definitive agreements pursuant to which the investors agreed to make investments in Yixin in an aggregate amount of up to RMB4 billion.
The transactions are expected to close by the end of May 2017, subject to customary closing conditions, whereupon Bitauto will hold over 48% of Yixin's outstanding share capital.
In addition, to better reflect the nature of its business, Yixin Capital Limited will change its name to Yixin Group Limited.
Mr. Andy Zhang, founder and chief executive officer of Yixin, commented, "As a leading online automotive transaction platform in China, Yixin is dedicated to creating superior new and used car purchasing experience for consumers in China as well as providing superior transaction-related services to our partners such as automakers, auto dealers, financing and insurance partners, and aftermarket service providers. We are delighted to announce the new investments from our existing and new strategic investors. We are confident that with the strong support from our shareholders and partners, Yixin is well positioned for long-term success."
About Yixin
Yixin is a leading online automotive transaction platform in China and received approximately RMB10 billion of investments from strategic investors including Tencent, JD.com, Baidu, and Bitauto. Yixin has developed a thriving, consumer experience centric automotive transaction ecosystem in which consumers and its partners such as automakers, auto dealers, financing and insurance partners, and aftermarket service providers are actively participating. All participants benefit from the continuing success of Yixin's ecosystem, as through the ecosystem, consumers are able to access enhanced consumption experience, and its partners can source more transactions through access to Yixin's growing customer base and various transaction and technology support provided by Yixin.
