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Alibaba, Changan, Tencent set up US$1.5B ride-sharing investment venture

Alibaba Group Holding Ltd. Chongqing Changan Automobile Co. Ltd. and Tencent Holdings Ltd. are among a group of Chinese car and tech companies that are establishing a 9.76 billion yuan, or nearly US$1.46 billion, joint venture to invest in the ride-sharing industry, Reuters reported March 22, citing Changan's filing at Shenzhen stock exchange.

Automakers Dongfeng Motor Group Co. Ltd. and Faw Car Co. Ltd. are also part of the group, which includes Suning.com Co. Ltd., which jointly invested to form the Nanjing-based investment company

The filing said the JV will invest primarily on new energy vehicles and establish a ride-sharing company. The investment firm will not engage in other businesses.

Changan will invest 1.6 billion yuan, according to the report, for a 15% stake in the investment fund. Dongfeng and FAW also will each hold a 15% stake through their investments, while Suning will be the biggest shareholder with a 19% stake.

The remaining shareholders, including Alibaba and Tencent, will share the remaining 36% of the stake in the Nanjing-based venture.

In July 2018, Changan formed a joint ride-sharing venture with and Dongfeng.

As of March 21, US$1 was equivalent to 6.70 yuan.