The new round in Hellobike strengthens Alibaba’s position competing for more market share in this fast-evolving sector.
Tencent’s rival Alibaba Group Holding has also shown interest in the deal, according to local media.
With a 14% equity interest and 19.6% voting power in eHi, Ctrip is again teaming up with Ocean Link, this time for the privatization of the car rental firm.
A survey by local authority found that 11% of Chinese visitors to Japan rented cars.
Teamsport Parent will acquire eHi in a deal that values eHi at USD 937.5 million. Ctrip held a 14% equity interest in eHi as of 2016 with aggregated investment cost of USD 107 million.
Ctrip has recently obtained an online car-hailing operating license, giving its independent car-booking services the right to offer service nationwide after three years of preparation.
The company is expecting revenues in excess of RMB 60 million in 2018 and RMB 100 million in 2019.
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