Ex-Warburg Executive David Li Joins Ucar As Unit Plans IPO

David Li, former head of China at Warburg Pincus LLC, has joined mobile app-based chauffeured car service firm Ucar Group as vice chairman while the company plans an initial public offering this year.

Ucar, which is backed by Warburg Pincus and Legend Holdings, says in an announcement that Li will be in charge of the company’s strategy and capital operations.

The company’s chairman Charles Zhengyao Lu said previously that the company is planning to list on China’s New Third Board this year.

Li left Warburg Pincus in February after 14 years at the private equity firm, leading investment in Ucar’s parent Car Inc., Shanghai ANE Logistics Ltd., and Beijing Amcare Women’s and Children’s Hospital, among others.

In September 2015, Warburg Pincus and Legend Holdings joined a US$550 million series B funding round in Ucar, which is controlled by Car Inc.’s founder and CEO Charles Zhengyao Lu.

Last month, Alibaba Group Holding Ltd. reportedly invested around RMB3 billion (US$461 million) in Ucar.

China EverBright Financial Leasing Co., Ltd. also provided RMB20 billion credit to help Ucar expand its fleet.

China Expert network