Fintech Firm Rongyu Group to Take Majority Stake in Automotive E-Commerce Marketer
Dou Shicong
DATE:  Jan 24 2018
/ SOURCE:  Yicai
Fintech Firm Rongyu Group to Take Majority Stake in Automotive E-Commerce Marketer Fintech Firm Rongyu Group to Take Majority Stake in Automotive E-Commerce Marketer

(Yicai Global) Jan. 24 -- Fintech company Rongyu Group Co. plans to splash CNY60 million (USD9.4 million) on a stake in an automotive e-commerce marketer to enhance its presence in the technology sector.

The Jilin-based company inked a deal with shareholders at Hangzhou Yuyuan Network Technology Co. yesterday under which it will acquire 51 percent of the company's shares, the buyer said in a statement.

Founded in 2011, Yuyuan conducts online marketing for carmakers Mercedes-Benz, BMW, Audi, Infiniti, Jaguar and others. It has over 200 staff across several offices nationwide to offer such services as creative planning and e-commerce management.

China retained its spot as the world's largest auto market last year after selling almost 29 million vehicles, according to data from its Ministry of Commerce. The second-hand market also grew rapidly and is forecast to have grown about 20 percent to over 12 million

Rongyu Group formed in 1986 and has transformed from a mechanical and electric equipment maker to a financial technology developer. Its principal operations cover commercial banking, financial leasing, insurance and Big Data.

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Keywords:   Rongyu Group,Yuyuan Network,Automotive E-Commerce