Shulou(Shulou.com)11/24 Report--

CTOnews.com, July 30 (Xinhua)-- Taoca Technology Co., Ltd., which is jointly funded by Tencent and JD.com, is considering raising $200 million, and the company is working with a consultant on a new round of financing, which is currently valued at about $1 billion (currently about 7.16 billion yuan), Bloomberg reported.

CTOnews.com Note: Taoca is a new retail platform for used cars in China. It was founded in June 2017 and received joint capital injection from Tencent, JD.com and other strategic investors in June 2018.

Taoche aims to launch an initial public offering as soon as 2024 and is considering listing the United States as a potential listing site, according to people familiar with the matter.

Taobao agreed to invest 500 million yuan in a car backed by the Ningbo municipal government at the end of 2020, on condition that Taobao complete its initial public offering within three years, and the two sides can negotiate an extension, according to a statement.

People familiar with the matter said the review was ongoing and details such as the size of the fundraising and the IPO plan could change.

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