Strategic investment of CITIC Bank in Yongche, and Yi Mo brought in Galaxin Capital Group Limited for cross-border integration

On 12th April, CITIC Bank completed its equity investment in Yongche through its subsidiary bank, CNCB (Hong Kong) Investment Limited, which it holds an 18.18% share in. The future is an era of cross-border integration, with various forms of shared economies complementing each other and promoting the symbiosis between the emerging business models and the traditional financial sector, according to DeshunSun, the CEO of CITIC Bank.

 

It is reported that CITIC Bank and Yongche jointly issued exclusive joint credit and debit cards.These are the first card products launched in the industry, aiming to provide more convenient and considerate financial and non-financial services for drivers.In the future, China CITIC bank and Yongche will conduct in-depth cooperation in areas such as car owner finance, overseas finance, consumer finance, credit cards, payments and settlements, as well as investment consultation and big data.

Yongche gains mastery by striking only after the enemy has struck. They initiated new financing projects between 100-150 billion.

After Yongche being no longer owned by Yueting Jia, through a series of radical reforms, and with Galaxin capital, the “bond” has been acquired by CITIC bank, which is undoubtedly in the ranks of the national team. According to industry insiders, Yongche has new financing projects between $10 billion and $15 billion, and the total value of the company is between $25 billion and $40 billion.

Yongche mentioned, with the complete equity investment of CITICbank’s subsidiary bank, CNCB (Hong Kong) Investment Limited on Yongche, Yongche will be leading the online ride-hailing industry into a new era with the help of CITICBank!


Left: President of CITIC Bank Credit Card Department, Lu Tiangui; Right: President of Galaxin Capital

During the meeting, CNCB (Hong Kong) Investment Limited and Galaxin Capital Group Limited signed the strategic cooperation agreement. CITICBank has completed the equity investment through the investment of its subsidiaries, CNCB (Hong Kong) Investment Limited, which indicates that the two parties will jointly inject capital, vitality and fight for a brighter future.”The competition of the ride-hailing services has arrived in the second half and now it’s time for meticulous management and servicing,” said Zhi Deng, the CEO of Galaxin Capital, one of the signing parties of the signing ceremony. Yongche is the originator of the domestic online ride-hailing company (the first online ride-hailing company in China), and it has its own unique dual-selection mode and better service, which can definitely have a place in the market. Galaxin Capital is confident enough for its development to undertake the “bond” of this cooperation and thus promote the strategic investments of these special opportunities.”

Galaxin Capital is facilitating the cross-boundary integration.

In 2017, Yongche had recognize its investment value: First, Yongche team is a rare treasure after a long process. The travel market is maturing, Yongche is in a relatively high-end market and some drivers of Mercedes-Benz and BMW still recognize it.

At the meeting, the president of CITIC Bank, Deshun Sun, the vice president of CITIC Bank, Danghuai Guo, CITIC Bank business director and President of the Shenzhen branch, Xuying Chen, secretary of the business department of CITICBank Headquarters, Honghua Liu, the general manager of CNCB Investment, Xiudong Yu, the chairman of Galaxin Capital, Yi Mo and other leaders revealed the joint debit and credit card of CITIC Bank and Yongche.

The chairman of Galaxin Capital, Yi Mo emphasized her appreciation for the president of CITIC Bank, Deshun Sun, and  Yongche toward their trust in Galaxin Capital. It is due to their recognition and support for Galaxin Capital that the cooperation can be promoted smoothly and settled.

With the complete equity investment of CITICbank’s subsidiary bank,CNCB (Hong Kong) Investment Limited on Yongche, Yongche willlead a new transformation in the ride-hailing industry.  In the internet ride-hailing industry’s future is all about service, the pursuit of compliance and the pursuit of service refined development.The high-frequency consumption scenarios of Yongche combines the development plans of automobile finance, with the diversification of business scenarios, cross-boundary cooperation of “financial services + business travel” and will create more opportunities and value for both CITIC Bank and Yongche.

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