(Yicai Global) June 6 -- Ride-hailing company, Ucar Inc. [NEEQ:838006; HK:00699], which is listed on China's National Equities Exchange and Quotations Co., often referred to as the New Third Board, has secured CNY2.4 billion (USD353 million) worth of strategic investment from PICC Asset Management Co. (PICCAMC).

Ucar plans to issue 142.87 million shares at CNY16.8 each to the Piccamc-Ucar equity investment plan, whose trustee is Piccamc, to raise CNY2.4 billion, as part of the CNY10 billion private placement launched earlier, Ucar said in a statement yesterday.

Funds raised will be used to promote the development of Ucar's online-to-offline auto e-commerce platform, maimaiche.com, and help it buy cars including new vehicles and 'not-so-new vehicles,' build stores, launch marketing campaigns and recruit employees, it said. 

Ucar announced a private placement plan last October, under which it projects to issue 580 million shares at CNY16.67-17 each to raise CNY10 billion. The company managed to raise CNY7 billion as of February 28.

Listed on the New Third Board on July 22, 2016, Ucar provides ride-hailing services via business-to-consumer model and is also engaged in other businesses along the auto industrial chain by leveraging its industry resources and synergies.

Ucar offers auto e-commerce platform services and one-stop car finance services by leveraging online and offline resources. Piccamc is a joint venture set up by People's Insurance Company (Group) of China Ltd. and Germany's Munich Re Asset Management Co.