ASEAN KEY DESTINATIONS
Yestock Secures Investments from Didi Chuxing
Strengthens Cooperation; Expands Car-Hailing-Oriented Rental Market
Shenzhen, Hong Kong, Mar 19, 2018 - (ACN Newswire) - Yestock Car Rental Company Limited (hereinafter referred to as "Yestock"), a leading integrated car service provider in the PRC, is pleased to announce that it has entered into a share subscription agreement with Didi Chuxing (hearinafter referred to as "DiDi"), a globally-renowned one-stop mobile transportation platform. Under the terms of the agreement, DiDi subscribed for shares of Yestock, thereby becoming its important shareholder and strengthening the partnership.
According to the mutual agreement, Yestock will provide car hire-purchase or leasing services, and other diversified value-added services, to full-time drivers on the DiDi platform. The two parties will jointly expand the car-hailing and automotive service markets.
Founded in December 2005, Yestock is an integrated car services provider with its headquarters located in Shenzhen. It primarily offers leasing services with a purchase option and a long-term rental service to customers with coverage over the economic cycle of vehicles, with special expertise in used-vehicles management. As an industry first-mover, Yestock has launched its leasing with purchase option services starting in 2010. As of 31 December 2016, Yestock was the largest provider of leasing services with a purchase option and the second-largest long-term rental services provider in the PRC in terms of fleet size, according to global market research company Euromonitor.
Yestock has gradually built up a car services industry chain with a wide range of businesses. After years of development, the company has expanded to a fleet of more than 20,000 cars and over 1,000 employees. With assets reaching RMB2 billion; the company has also obtained more than 6,000 license plates in those cities which have imposed license plates restrictions. Based in Shenzhen, the company has also successively set up over 200 sales locations in around 160 cities nationwide and nearly 30 large-scale car depots, with its businesses spanning the entire country.
Didi is the world's leading mobile transportation platform. The company offers a full range of apps-based transportation options for over 450 million users, including Taxi, Express, Premier, Luxe, Hitch, Bus, Minibus, Designated Driving, Car Rental, Enterprise Solutions and Bike-Sharing. With its daily rides reaching up to 25 million, over 21 million drivers and car owners are generating flexible income on the DiDi platform.
DiDi leverages its big data-driven artificial intelligence capabilities to promote the transformation and upgrade of the taxi industry and bus industry and to help cities create smart transportation solutions. It develops intelligent driving projects and has expanded business in the new energy vehicle industry, as it further accelerates diversification and internationalization of business. DiDi has created investment and technology partnerships with seven international rideshare leaders, including Grab, Lyft, Ola, Uber, 99, Taxify and Careem. Its global network reaches over 70% of the world's population and covers over 1,000 cities.
On behalf of Yestock Car Rental Company Ltd.
Strategic Financial Relations (China) Limited
Anita Cheung Tel: (852) 2864 4827
Terence Wong Tel: (852) 2114 4908
Karen Li Tel: (852) 2864 4837
David Ye Tel: (852) 2864 4893
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