Auto Tech Provider Xingyuan Aims to Expand Network With USD79 Million Financing
Xu Wei
DATE:  Mar 05 2018
/ SOURCE:  Yicai
Auto Tech Provider Xingyuan Aims to Expand Network With USD79 Million Financing Auto Tech Provider Xingyuan Aims to Expand Network With USD79 Million Financing

(Yicai Global) March 5 -- Beijing Xingyuan Automotive Information Technology Co., an internet-based provider of services for the auto industry, aims to use CNY500 million (USD79 million) in newly secured funding to expand its network among carmakers, dealers, products and users.

The A-round funding was led by Vered Holdings Corp., Guoxing Fund Management Co., with support from Yi Capital and Anda Capital Co., news site 36kr reported.

Xingyuan Auto provides wholesale services, internet marketing services and internet dealer operation services, and these services will be strengthened through the funding. The firm aims to further deepen connections between auto manufacturers, dealers, auto products and users, so to as establish a people-centered marketing and sales system in the auto industry, said founder Shao Jingning.

After years of rapid development, China's auto market is now seeing expanding productivity despite sluggish sales volume, with capacity utilization now less than 50 percent. The mismatch between production and sales is seen a key reason for falling performance at many main engine plants last year.

"How to resolve the contradictions seen in the auto industry via the booming mobile internet, big data, artificial intelligence and other emerging technologies and then help main engine plants to build a whole-new marketing and sales regime is a direction all industry stakeholders are exploring actively and one that Xingyuan hopes to tackle," Shao added.

Established in December 2016, Xingyuan Auto has extended its business reach to new cars, secondhand cars, auto finance, auto insurance and auto aftermarket, and now encompasses the full industrial chain related to automobiles. The firm previously garnered CNY300 million in angel round financing.

Follow Yicai Global on
Keywords:   Xingyuan,Internet Company