(Yicai Global) Jan. 22 -- Taoyun Capital  is offering its majority stake in online car-hailing platform Yidao  Yongche to potential buyers for half its original price due to the high  level of debt that the target company has. 

Taoyun acquired the shares for CNY3  billion (USD441.4 million) in 2017, and is now forced to sell them amid  sluggish conditions in the financing market, the Beijing-based financial  firm said in a statement yesterday. 

Founded in 2010, Yidao Yongche is one of  China's earliest car-hailing service providers. It operates in more than  100 Chinese cities, has tens of millions of registered users and  millions of drivers, public data show. It has received over USD100  million in investment.

The controlling shareholder has helped  Yidao Yongche settle nearly CNY6 billion worth of liabilities in less  than two years, it added. The investor bought the stake from Chinese  embattled entrepreneur Jia Yueting's previous internet company LeEco. 

Early signs of the cash crunch were seen  at the end of last year when some of Yidao Yongche's drivers told Yicai  Global that their salaries were pending. Some individual tallies rose up  to CNY30,000 (USD4,413).

Taoyun has a diverse investment portfolio  that includes stakes in bike-sharer Mobike, Finnish game developer  Supercell, property giant Evergrande, and GF Securities, according to  information on its unit Lancapital Holdings Group's website. Wen  Xiaodong is Taoyun's legal representative.

Editor: Emmi Laine