on Feb 28,2019, Chehaoduo Group, the parent company of Guazi.com, China's largest used-car dealer, and Maodou.com, announced on Thursday a $1.5 billion investment from the SoftBank Vision Fund, with China Taihecap continued serve as the exclusive financial advisor.

The group’s estimated value will surpass $9 billion after the fundraising, ranking first among China's car service sector.

Proceeds from this new round of fundraising will support Chehaoduo’s investments in technology to drive innovation in the sector, and develop new products and services across an increasing spectrum of customer needs. The group also intends to expand its marketing capabilities and open offline stores to enhance new business activities.

Mark Yang, CEO of Chehaoduo Group, said "The global automotive industry is experiencing unprecedented change and creating great opportunities at the same time. The application of big data and artificial intelligence is the key to fundamental reform of automotive retail in China."

In the past three years, the company has been combining in-depth big data analytics and AI technology to implement standardized evaluation and intelligent pricing mechanisms for China’s highly fragmented and unregulated used car market.

Furthermore, through continuously innovating across its product, service, and data platforms, the company has significantly reduced barriers to purchase a new car for consumers as well. This includes pioneering new models in down payment purchasing, establishing closed-loop integrated automotive services of used car, new car and after-market services via over 600 physical stores, and building a new data-driven retail eco-system.

Source: http://www.chinadaily.com.cn/a/201902/28/WS5c77e879a3106c65c34ec099.html