HONG KONG/BEIJING: The SoftBank-led Vision Fund is in talks to invest up to US$1.5 billion in Chinese used car trading platform Guazi.com, two people with knowledge of the matter said.That would mark the latest Chinese deal by the mammoth US$100 billion investment fund as it looks to expand in the world’s No.2 economy, and would come after it invested 460 million euros in German used car dealing platform Auto1.The fund is likely to invest up to US$1.5 billion in Guazi in a deal that would value the firm at US$8.5 billion before the investment, according to one of the sources, who had direct knowledge of the situation.The two sources, who were not authorised to speak to media, also said the Vision Fund had in the past few months held talks with Guazi’s direct rival, Renrenche, which is backed by Chinese ride-hailing firm Didi Chuxing.Guazi, a consumer-to-consumer used car trading platform founded in 2014, is backed by Chinese internet giant Tencent and Sequoia Capital China. Its talks with Softbank were first reported by the Financial Times late on Friday.The Vision Fund and Renrenche declined to comment. Guazi did not respond to a request for comment. Japan’s Softbank was not immediately available for… Read full this story
- Does SoftBank Really Have $108 Billion for Its Vision Fund 2?
- WeWork is looking to raise new funds at a $35 billion valuation, according to its major investor SoftBank
- Faraday Future's 1,000-horsepower concept car should make Tesla very, very nervous
- SoftBank’s Michael Ronen isn’t worried about automation displacing workers
- Softbank boss Masayoshi Son ‘embarrassed’ by track record
- Uber could consolidate with rivals in Southeast Asia following SoftBank’s investment
- SoftBank considers IPO for wireless business, reportedly seeking $18 billion
- DT10: Cars. For tomorrow’s cars, going driverless is just the beginning
- Uber’s self-driving car project is struggling—the company should sell it
- Why it’s time for Uber to get out of the self-driving car business
SoftBank's Vision Fund in talks to invest US$1.5 billion in Chinese used car platform have 320 words, post on www.channelnewsasia.com at February 1, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.