Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

KKR, Baidu, Coatue to invest $170 million in China online used-car platform

Published 03/17/2015, 11:42 PM
Updated 03/17/2015, 11:42 PM
© Reuters. Women walk past Volkswagen and Honda cars on display at an automobile market in Beijing

HONG KONG (Reuters) - Private equity firm KKR & Co LP, search engine Baidu Inc (NASDAQ:BIDU) and hedge fund Coatue said on Wednesday they will jointly invest $170 million in Chinese online used-car auction firm Uxin, aiming for a piece of the booming used-car market.

Uxin will use the funds to expand a newly launched platform where auto retailers sell used cars to individuals, the companies said in a joint statement.

China, the world's second-largest economy, had 368 billion yuan ($59 billion) worth of transactions in the used-car market in 2014, up 26 percent from the previous year, the statement said, citing figures from the China Automobile Dealers Association.

($1 = 6.2365 Chinese yuan renminbi)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.