The online media company will acquire a 70% stake in car sharing service Yongche, which is backed by Qualcomm, Ctrip and Baidu.
Online media company Leshi Internet Information and Technology agreed today to pay $700m for a 70% stake in Yidao Yongche, a China-based online car sharing service backed by several corporate investors.
Yongche, which counts online travel agency Ctrip, wireless technology manufacturer Qualcomm and internet company Baidu among its shareholders, operates a service through which users can reserve and hire private cars.
The investment will give Leshi a stake in China’s on-demand transport market, currently dominated by ride sharing apps Didi…
