You are here
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.