Subsidiary of China's First Listed Bike-Sharer Plans to Raise USD124 Million in New Funds
(Yicai Global) Sept. 19 -- Jiangsu Youon Low Carbon Technology Co., a wholly-owned subsidiary of Changzhou Youon Public Bicycle System Co. [SHA:603776], aims to rae CNY810 million (USD124 million) in new funds from eight new investors, including Shanghai Yunxin Venture Investment, Shenzhen Capital Group and Shanghai Lingji Enterpre Management Center, the company said.>
The new funds may generate CNY504 million (USD77.5 million) in investment income for Youon Public Bicycle System, the first bike-sharing service company to lt on China's A-share market.
Jiangsu Youon Low Carbon Technology engages mainly in the shared-bike business and the investment will focus on green-commuting and the development of a shared-public transport system compring shared bikes, electric bikes and electric cars.
Youon Public Bicycle System's stake in Youon Low Carbon Technology will fall from 100 percent to 38.17 percent upon completion of the transaction. Youon Low Carbon will become a joint-stock company of Youon Public Bicycle System and its financial figures, such as revenue and costs, will no longer be directly included in Youon Public Bicycle System's consolidated financial statement.