eHi Car Services, the Shanghai-based car hire and chauffeuring company, has kicked off formal roadshows and secured three private placement investors ahead of its planned US flotation.
Dongfeng Asset Management, a subsidiary of Dongfeng Motor Corporation, Kunyu Capital and Chinese travel service Ctrip Investment Holding have pledged a combined $50 million in the fast-expanding but still loss-making company, according to a banker close to the deal.
The three investors will purchase 15 million shares in total and are subject to a six-month lockup.
A further 10 million American Depository Receipts, all primary, are being offered on the New York Stock Exchange at between...
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