(Yicai Global) Oct. 25 -- Ride-hailing operator Shouqi Limousine & Chauffeur, which is backed by the Beijing government, has obtained CNY600 million (USD90.4 million) in B-round financing led by Beijing Minqi Management Consulting Co., which now holds an 11.76-percent stake in the company, online media outlet Jiemian News reported yesterday.

Minqi Management Consulting, backed by China Oceanwide Holdings Group Co. [HKG:0715], is engaged in the real estate, finance, energy, investment and capital management sectors. Its founder Lu Zhiqiang is also deputy chairman of China Minsheng Banking Corp. [SHA:600016] and a member of the Chinese People's Political Consultative Conference's National Committee.

Shouqi Limousine & Chauffeur's valuation has reached CNY6 billion following the close of the investment. The firm, which recently agreed a deal with Beijing Mobike Technology Co. for its services to become a feature on the bike-sharer's app, is now exerting efforts to obtain another round of funding, which will result in its valuation reaching CNY10 billion.

The company's operating revenue stood at CNY299 million for the first four months of this year, with a net loss of CNY450 million. It had operating revenue of CNY7.77 million in 2015 and a net loss of CNY58.7 million. Last year, the enterprise reported operating income of CNY378 million and a net loss of 881 million.

Shouqi is currently experience fierce competition in the ride-hailing sector and it will be difficult to produce profits, said Hu Xulei, an executive at the firm. The company aims to break even in some cities by the end of the year.