Taiping Assets Management, the investment arm of China Taiping Insurance Group, has reportedly led a RMB2.15 billion ($309 million) funding round in discretionary service company Shouqi Car Rental Co., Ltd.
Tianan Property Insurance, CCB International and other unnamed investors also participated in the round, according to a report in China Money Network.
The funding round followed a $120-million financing led by Jiashi Fund Management in November 2015 and an earlier round of $150 million from Shouqi Group, the parent firm of the Beijing-based car rental company.
The automobile group subsidiary will use the latest proceeds to expand its fleet, improve on marketing and technology, said the report.
Founded in 1992, Shouqi Car Rental is best known for operating limousine fleet for Chinese political leaders and visiting dignitaries.
It provides short-term and long-term car leasing, mobile app-based chauffeured ride and carpool services, through iZuChe.com and mobile apps.
The company’s business line also includes extended-term leasing of passenger cars without drivers, according to data from Bloomberg.
Taiping Assets Management, formerly known as China Insurance Group Assets Management, is based in Hong Kong, and invests in public equity, fixed income, as well as alternative investment markets.