China’s Auto, Internet Giants Set Up 9.76 Billion Yuan Fund To Invest In Ride-Sharing Industry

www.oann.com | 6/18/2018 | Staff
ziggy1023 (Posted by) Level 3
BEIJING (Reuters) – China’s major automobile and internet companies, including Chongqing Changan Automobile, Alibaba and Tencent, are setting up a 9.76 billion yuan ($1.46 billion) joint venture to invest in ride-sharing industry, Chongqing Changan Automobile said on Friday.

Chongqing Changan Automobile has invested 1.6 billion yuan ($238.70 million) 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 - FAW

Changan, Dongfeng, and FAW will each have a...
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