(Yicai Global) June 14 -- SF Holding said media reports suggesting it plans an investment in Yidao Yongche, the ride-hailing provider once controlled by Leshi Holding, were rumors. However, the company fell short of fully denying the news.
Participatory news outlet We Media previously reported that Wang Wei, founder and chief executive officer of SF Holding, the operator of China’s largest private courier service SF Express, met with Wen Xiaodong, shareholder of Yidao Yongche and chief executive officer of Taoyun Capital, and Gong Zhenbing, new CEO of Yidao, in Beijing on June 12.
The story sparked comments that SF Holding is prepared to invest in Yidao Yongche, now operated by Beijing Dongfang Cheyun Information Technology.
Affected by Leshi Holding’s debt crisis, Yidao Yongche went through a rough period over the past one year. Taoyun Capital acquired a majority stake in Yidao Yongche in June last year, after Leshi Holding pulled out. In April, China CITIC Bank signed a cooperation agreement with Yidao and acquired over 18 percent stake in Yidao through its subsidiary, CNCB Capital.
Editor: Mevlut Katik