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TONGCHENG TRAVEL HOLDINGS LIMITED

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Didi's ride hailing rival T3 raises $1.2 bln to expand

10/26/2021 | 09:00am EST

BEIJING, Oct 26 (Reuters) - T3, a Chinese ride-hailing company backed by state-owned automakers FAW, Dongfeng and Changan said on Tuesday that it had raised 7.7 billion yuan ($1.2 billion) to fund expansion.

T3's funding round comes as ride-hailing companies step up efforts to take market share from China's ride hailing market leader Didi Global Inc which is facing a cybersecurity investigation by Chinese authorities.

T3, along with other ride hailing companies, including Meituan's and Geely's Cao Cao, is offering promotions to attract more users.

The company did not disclose its valuation after the funding. Investors in this funding include Yingtong Technology, online travel platform Tongcheng, and Virtue Capital, an investment company led by Dong Yang, former head of China Association of Automobile Manufacturers (CAAM), T3 said in a statement.

The ride hailing industry in China is under scrutiny by the country's regulators, who are urging ride hailing companies to hire qualified drivers to comply with relevant rules and protect data security.

(Reporting by Yilei Sun and Brenda Goh. Editing by Jane Merriman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DONGFENG MOTOR GROUP COMPANY LIMITED 0.00% 7.13 End-of-day quote.10.03%
TONGCHENG TRAVEL HOLDINGS LIMITED -0.84% 14.12 End-of-day quote.-2.22%
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Financials
Sales 2021 7 495 M 1 180 M 1 180 M
Net income 2021 800 M 126 M 126 M
Net cash 2021 4 947 M 779 M 779 M
P/E ratio 2021 31,4x
Yield 2021 -
Capitalization 25 522 M 4 019 M 4 018 M
EV / Sales 2021 2,75x
EV / Sales 2022 1,90x
Nbr of Employees 4 814
Free-Float -
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Mean consensus BUY
Number of Analysts 19
Last Close Price 11,51 CNY
Average target price 17,03 CNY
Spread / Average Target 48,0%
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Managers and Directors
He Ping Ma Chief Executive Officer & Executive Director
Lei Fan Chief Financial Officer
Zhi Xiang Wu Co-Chairman
Jian Zhang Liang Co-Chairman
Hai Bing Wu Independent Non-Executive Director
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