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Chinese auto website Bitauto to get US$300m in funding

[SHANGHAI] Chinese auto information website operator Bitauto Holdings Ltd said it is raising US$300 million from internet companies Tencent Holdings Ltd, Baidu Inc and JD.com Inc and an additional investor.

The three companies will invest US$50 million each in Bitauto.

Bitauto will issue up to US$150 million in convertible bonds to PA Grand Opportunity Ltd.

Tencent, Baidu and JD will each buy 2.5 million newly issued ordinary shares of Bitauto for US$20.23 per American depositary share, Bitauto said.

REUTERS