Shouqi Limousine & Chauffeur Completes RMB 600 Mln Series B Funding
Techweb, 10/24/17
Beijing-based Shouyue Technology, an indirect subsidiary of Shou Qi Group and operator of mobile car hire platform Shouqi Limousine & Chauffeur, completed RMB 600 mln in Series B funding from Beijing-based Minqi Management Consulting on October 19, according to a capital increase announcement from the China Beijing Equity Exchange (CBEX). After the transaction is complete, Minqi Management Consulting will hold an 11.76% stake in Shouyue Technology, at a post-money valuation of RMB 6 bln.
Established in May 2017, Minqi Management Consulting is a subsidiary of Minsheng Capital Investment Management. Minsheng Capital Investment Management has registered capital of RMB 100 mln and is wholly-owned by China Oceanwide Capital Investment Management Group, which is itself a subsidiary of China Oceanwide Holdings Group (000046.SZ).
On June 15, according to an announcement on the enterprise capital increase section of CBEX, Shouyue Technology listed its capital increase plan, with the goal of attracting a single investor who would contribute no less than RMB 600 mln and hold a corresponding stake of no more than 11.765%. The funds will primarily be used to replenish the company's cash reserves and expand business segments related to the company's core operations, including but not limited to expansion to new cities, rental fleets, technology R&D, and market expansion.
Editor's Note: For more information on this topic, please see Shouqi Limousine & Chauffeur Begins Soliciting Series B Financing, MD 6/20/17 issue.
Keywords: Minqi Management Consulting car hire app Shouyue VC funding valuation wireless China Oceanwide Holdings Series B Shou Qi Group Shouqi 000046.SZ Minsheng Capital
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