Today: October 20, 2018, 6:42 pm

Yestock Secures Investments from Didi Chuxing

Yestock Secures Investments from Didi Chuxing 2018-03-19 08:12:53
Strengthens Cooperation; Expands Car-Hailing-Oriented Rental Market

Shenzhen, Hong Kong, Mar 19, 2018 - (ACN Newswire) - Yestock Car Rental Company Limited (hereinafter referred to as "Yestock"), a leading integrated car service provider in the PRC, is pleased to announce that it has entered into a share subscription agreement with Didi Chuxing (hearinafter referred to as "DiDi"), a globally-renowned one-stop mobile transportation platform. Under the terms of the agreement, DiDi subscribed for shares of Yestock, thereby becoming its important shareholder and strengthening the partnership.

According to the mutual agreement, Yestock will provide car hire-purchase or leasing services, and other diversified value-added services, to full-time drivers on the DiDi platform. The two parties will jointly expand the car-hailing and automotive service markets.

Founded in December 2005, Yestock is an integrated car services provider with its headquarters located in Shenzhen. It primarily offers leasing services with a purchase option and a long-term rental service to customers with coverage over the economic cycle of vehicles, with special expertise in used-vehicles management. As an industry first-mover, Yestock has launched its leasing with purchase option services starting in 2010. As of 31 December 2016, Yestock was the largest provider of leasing services with a purchase option and the second-largest long-term rental services provider in the PRC in terms of fleet size, according to global market research company Euromonitor.

Yestock has gradually built up a car services industry chain with a wide range of businesses. After years of development, the company has expanded to a fleet of more than 20,000 cars and over 1,000 employees. With assets reaching RMB2 billion; the company has also obtained more than 6,000 license plates in those cities which have imposed license plates restrictions. Based in Shenzhen, the company has also successively set up over 200 sales locations in around 160 cities nationwide and nearly 30 large-scale car depots, with its businesses spanning the entire country.

Didi is the world's leading mobile transportation platform. The company offers a full range of apps-based transportation options for over 450 million users, including Taxi, Express, Premier, Luxe, Hitch, Bus, Minibus, Designated Driving, Car Rental, Enterprise Solutions and Bike-Sharing. With its daily rides reaching up to 25 million, over 21 million drivers and car owners are generating flexible income on the DiDi platform.

DiDi leverages its big data-driven artificial intelligence capabilities to promote the transformation and upgrade of the taxi industry and bus industry and to help cities create smart transportation solutions. It develops intelligent driving projects and has expanded business in the new energy vehicle industry, as it further accelerates diversification and internationalization of business. DiDi has created investment and technology partnerships with seven international rideshare leaders, including Grab, Lyft, Ola, Uber, 99, Taxify and Careem. Its global network reaches over 70% of the world's population and covers over 1,000 cities.

For Enquiries:

On behalf of Yestock Car Rental Company Ltd.

Strategic Financial Relations (China) Limited

Anita Cheung Tel: (852) 2864 4827

Terence Wong Tel: (852) 2114 4908

Karen Li Tel: (852) 2864 4837

David Ye Tel: (852) 2864 4893

Topic: Press release summary

Sectors: Daily Finance, Daily News

From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Press Information

Published by
ACN Newswire
+65 6304 8926

# 511 Words
Related Articles
More From The Author
HKTDC Export Index for Q1 2018 Rebounds; [..]
Mainland Wine Imports Surge 13% with French Wine Leading HONG KONG, Mar 14, 2018 - (ACN Newswire) - The latest [..]
Hong Kong and Brazil sign MOU on [..]
HONG KONG, Mar 16, 2018 - (ACN Newswire) - Invest Hong Kong (InvestHK) and Brazil today (March 16) signed a [..]
Trillium Crowned Middleweight Champion at 'Get in [..]
Osaka, Japan, Mar 14, 2018 - (ACN Newswire) - Trillium Secure, Inc., known for its disruptive automotive IoT cybersecurity technology [..]
Emperor W&J Stages Strong Recovery in 2017; [..]
HONG KONG, Mar 15, 2018 - (ACN Newswire) - Emperor Watch & Jewellery Limited (the "Group" or "Emperor W&J") (Stock [..]
Minsheng Education Announces 2017 Annual Results
Core Net Profit increases by 31.9% to RMB310.4 Million, with Core Net Profit Margin Achieving at 65.0%; Expands School Network, [..]
More From Business
TESARO Announces Data Presentations at ESMO 2018 [..]
Data presented indicate that TSR-042 (anti-PD-1 antibody) is well tolerated and has robust activity in patients with MSI-H endometrial [..]
Rovio Entertainment and the Chicago Bulls Partner [..]
  New collaboration introduces the "Angry Birds Eye View Cam," a cutting-edge camera angle at Chicago Bulls home games [..]
The Navigators Group, Inc. Announces Expiration of [..]
STAMFORD, Conn., Oct. 19, 2018 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ:NAVG) (“Navigators” or the “Company”) announced [..]
ArcelorMittal selected as H1 bidder for Essar [..]
Luxembourg, 19 October 2018 - ArcelorMittal confirms it has been informed by the Committee of Creditors (“CoC”) for Essar [..]
NANOBIOTIX: Positive phase II/III results for NBTXR3 [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.