Alibaba and Tencent are some of the most prominent names when it comes to Chinese investment in startups, globally. Still, the comapnies feel there is a need for a more focused fund and have hence come up with a new. The difference this time, is them joining forces with Changan Automobile group, the fourth largest manufacturer of passenger vehicles in China.

The three industry behemoths, along with several other — similarly behemothic — partners are teaming up to form a massive 9.76 billion yuan ($1.46 billion) fund, focused specifically on investing in ride-hailing companies. More specifically, the fund will be investing in new-energy vehicles. The formation of this fund was reported by Reuters.

Chongqing Changan Automobile has invested 1.6 billion yuan ($238.70 million) in the investment company in Nanjing. Other partners in this fund include Alibaba’s investment firm, Tencent’s affiliate, Suning’s investment unit, FAW, and Dongfeng Motor. The later two, including Changan are counted among the top 10 automakers in the world’s biggest automobile industry.

According to an exchange filing accessed by Reuters, Changan, Dongfeng, and FAW will each have a 15 percent stake in the investment firm, while Suning will be the biggest shareholder with a 19 percent stake. Remainder of the fund will be held by Alibaba, Tencent and other minority investment partners.

The fund will focus on investing in ride-hailing companies. What is intriguing though, is that the investment will be directed towards ride-hailing companies that are developing tech for deploying fleet of new energy vehicles. Companies around the world have been stressing on rolling out electric cabs. India’s Ola is the most recent to get some heavyweight investors behind its ‘Ola Electric’ brand.

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