May 26, 2022

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SAIC Motor’s mobility company system Xiangdao Chuxing launches fund to raise 500 million yuan

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Shanghai (Gasgoo)- Xiangdao Chuxing, the mobility company brand of SAIC Motor, introduced on August 4 the launch a distinctive asset-backed challenge dubbed “Xiaodao No.1”, which is intended for increasing 500 million yuan ($77.346 million).

Photograph credit history: Xiangdao Chuxing

At the exact same time, the mobility service provider claimed the shares of “Xiangdao No.1” have been oversubscribed by this sort of perfectly-acknowledged capital institutes as Industrial and Professional Bank of China and China CITIC Bank with the multiples of chosen membership amounting to 3.05.

The proceeds from the financing will be applied to expand the market place measurement of business-dedicated mobility service organization, upgrade industrial researches, and launch tasks for company improvements, explained Xiaodao Chuxing.

On December 18, 2018, SAIC Motor formally released Xiangdao Chuxing to check out the on-line car or truck-hailing industry as a strategic move in pursuing the car-sharing pattern and advancing its innovation and transformation. At the close of 2020, it shut a Series A round with around 300 million yuan ($46.41 million) raised from Alibaba Team and CATL. In June of this yr, Xiangdao Chuxing started the strategic cooperation with Alibaba.

The mobility company service provider mentioned it has started the process of its Series B funding round and plans to go public in China within the upcoming a few several years, aiming to grow to be the initial publicly-mentioned carmaker-backed mobility assistance platform in the state.

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