UCAR, a chauffeured car service provider in China, announced to have received 4.6 billion yuan (667 million U.S. dollars) investment from China UnionPay and other three investors via a private share placement deal.

It is UCAR's first financing and also the Top 3 private placement in terms of financing scale on the "New Three Board".

According to Lu Zhengyao, Chairman and CEO of UCAR, the funding, as a strategic investment, will be used to promote the businesses of Shenzhou Maimaiche. Other than these 4 investors disclosed in the announcement, another important investor is running through the regulatory and approval processes, which will pour in over 2 billion yuan (290 million U.S. dollars) if completed.

Shenzhou Maimaiche, an advanced O2O automobile e-commerce platform, is one of the three business segments of UCAR. The platform hosts new and used cars for sales both online and offline. Now Shenzhou Maimaiche has opened stores in 14 cities across China, with 20 newly-added stores every month to cover all cities in China.

Email: gaohan@nbd.com.cn