Leshi invests to control Yidao Yongche
Print Edition
LESHI Internet Information and Technology Co, a subsidiary of Leshi Holding Co, is said to have invested US$700 million for a controlling stake in online car-hiring service Yidao Yongche to strengthen its smart vehicle strategy.
The two parties have signed an investment agreement and that Shanghai-based online travel agency Ctrip will retain a minority stake in Yidao, a source close to the matter told Shanghai Daily yesterday.
Both Leshi and Yidao officials declined to comment yesterday.
Leshi’s investment is set to help Yidao gain a foothold in China’s fiercely fought car hiring market where Yidao is trailing bigger and deep-pocketed rivals like Didi Kuaidi.
Yidao will continue to operate independently after receiving financing from Leshi, said an earlier report on Sina.com.
Leshi, an online video streaming website, has been expanding into smartphones and automobile production.
Leshi had said it hoped to debut self-branded electric vehicles next year and build a smart in-car operating system with external parties.
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