Yixin Capital Ltd., a leading online automotive transaction platform in China, announced that a group of strategic investors including Tencent, Bitauto, China Orient AMC International and SF Express founder Wei Wang, have entered into definitive agreements to make investments in Yixin in an aggregate amount of up to RMB4 billion (approximately $579 million USD). 

The transactions are expected to close by the end of May, subject to customary closing conditions, whereupon Bitauto will hold more than 48 percent of Yixin’s outstanding share capital.

In addition, to better reflect the nature of its business, Yixin Capital Ltd. will change its name to Yixin Group Ltd. 

Andy Zhang, founder and CEO of Yixin, commented, “As a leading online automotive transaction platform in China, Yixin is dedicated to creating superior new and used car purchasing experience for consumers in China as well as providing superior transaction-related services to our partners such as automakers, auto dealers, financing and insurance partners, and aftermarket service providers. We are delighted to announce the new investments from our existing and new strategic investors. We are confident that with the strong support from our shareholders and partners, Yixin is well positioned for long-term success.”