Chinese auto website Bitauto to get $300 million in funding

REUTERS – Chinese auto information website operator Bitauto Holdings Ltd said it is raising $300 million from internet companies Tencent Holdings Ltd, Baidu Inc and Inc and an additional investor.

The three companies will invest $50 million each in Bitauto.

Bitauto will issue up to $150 million in convertible bonds to PA Grand Opportunity Ltd.

Tencent, Baidu and JD will each buy 2.5 million newly issued ordinary shares of Bitauto for $20.23 per American depositary share, Bitauto said.

(Reporting by Sai Sachin R in Bengaluru; Editing by Saumyadeb Chakrabarty)

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