China UnionPay, SPD Bank Inject $669M In Warburg-Backed Car Hailing Firm Ucar

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Ucar Group, a mobile app-based chauffeured car service unit launched by Chinese rental car company Car Inc., has received RMB4.6 billion (US$669 million) strategic investment from China UnionPay and Shanghai Pudong Development Bank Co., Ltd. via a private share placement deal to fuel the company’s expansion.

China Money Network

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