• Apr. 15, 2016, 8:43 PM
    • Chinese online auto platform Autohome (NYSE:ATHM) has received a $31.50/share, non-binding, going-private offer from a consortium including CEO James Zhi Qin, VC firm Sequoia's Chinese arm (Sequoia China), and investment firms Boyu Capital and Hillhouse Capital.
    • The offer price is 12.1% above Autohome's weighted-average trading price over the last 30 days, but $0.65 below where shares closed today following a 6.6% gain. The buyout group plans to finance the deal with bank financing and its members' existing Autohome stakes.
    • Autohome finished after-hours trading down 2% to $31.50.
    Apr. 15, 2016, 8:43 PM | 16 Comments
  • Jan. 9, 2015, 10:03 AM
    • Chinese mobile messaging/gaming giant Tencent (OTCPK:TCEHY) and leading direct online retailer JD.com (JD +0.8%) are directly investing $1.3B in "cash and resources" in major auto site Bitauto (BITA +8.7%), and $250M in Bitauto's YiXin Capital (online auto financing) subsidiary.
    • JD will directly invest $400M in cash in Bitauto and provide $750M in resources, including "exclusive access to the new and used car channels on JD.com's e-commerce sites including mobile apps and additional support from its key platforms," in exchange for shares. Tencent will directly invest $150M in cash. JD and Tencent will respectively invest $100M and $150M in YiXin Capital.
    • The deal will leave JD with a 25% stake in Bitauto, and Tencent a 3.3% stake. JD and Tencent will respectively have 17.7% and 26.6% stakes in YiXin Capital. Tencent already has a sizable stake in JD.
    • Bitauto, whose shares have soared on the news, promises to "aggressively invest to solidify Bitauto's industry leadership and build market share" in upcoming months. Rival Autohome (ATHM +5.8%) is also up sharply, perhaps on hopes a Tencent/JD rival (Alibaba?) will invest in the company in response.
    Jan. 9, 2015, 10:03 AM | 2 Comments