(Yicai Global) July 14 -- Taoyun Capital has reached an agreement with LeEco on acquiring a stake in Yidao Yongche, Beijing-based ride-hailing service provider, and injected the first batch of capital into it on June 30 to help provide funds for drivers' fee withdrawals. Yidao held a shareholders' meeting yesterday, agreeing on Taoyun Capital taking a stake in the online ride-hailing platform, Taoyun Capital said in a statement today, which means it has acquired the control of Yidao.
Yidao said on June 28 that the company has a new controlling shareholder, that LeEco is no longer its majority shareholder and that its existing management team will continue to be responsible for its operations and management.
Yidao and its new majority shareholder have signed an agreement, per the announcement. Since they were undergoing relevant legal procedures and contract formalities, funds became available for drivers with some delay. However, Yidao drivers were able to withdraw money via an app.
Per public information, Wen Xiaodong is the legal representative of Taoyun Capital and founding partner and president of Lancapital Holdings Group.