NY Hedge Funds Invest in Chinese Car Rental

eHi Car Services, Shanghai-based auto rental and chauffeuring company, has announced that Tiger Global Management LLC and SRS Investment Management LLC, two New York hedge funds, are investing up to $150 million in shares for the car rental provider to expand its services in China, according to a Wall Street Journal report.

Under the agreements, Tiger Global and SRS are providing $134 million while the rest of the shares are being sold to Tiger Global and SRS by existing investors, including Ctrip.com International Ltd., according to the report.

Last year, eHi Car Services operated a fleet of nearly 20,000 vehicles in 99 cities across China. The company plans to expand that number to 35,000 to 40,000 vehicles this year, says the report.

Click here for the full Wall Street Journal report: http://www.wsj.com/articles/tiger-global-srs-to-invest-in-chinas-ehi-car-services-1432286272

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Car Rental Rates Up, Fleet Sales Down — Correlation?

Car rental companies’ recent fleet discipline is needed now more than ever.

Hertz, Avis Autonomy Partnerships: Good First Steps on a Long Path

Two new autonomous vehicle project partnerships bring the importance of fleet management to the fore.

An Inside Look at Car Rental in China

A trip to a new car rental convention in Guangzhou reveals a booming market, yet one facing unique challenges.

Job Finder: Access Top Talent. Fill Key Positions.

>