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Mirae Asset Daewoo to Invest in China’s No. 1 Company in Car Sharing Industry
Investment in Unicorn Company
Mirae Asset Daewoo to Invest in China’s No. 1 Company in Car Sharing Industry
  • By Michael Herh
  • April 5, 2018, 02:45
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Mirae Asset Daewoo will establish a fund worth 280 billion won (US$252 million) to invest in Didi Chuxing.
Mirae Asset Daewoo will establish a fund worth 280 billion won (US$252 million) to invest in Didi Chuxing.

 

The Mirae Asset Financial Group will invest in Didi Chuxing, the No. 1 car sharing company in China. 

On April 4, Mirae Asset Daewoo said it will establish a 280 billion fund to invest in Didi Chuxing. This investment will be conducted through Mirae Asset Global Unicorn Private Equity Investment Company, Mirae Asset Capital will manage the fund and Mirae Asset Daewoo will participate as a major investor.

Didi Chuxing is the No. 1 operator in the Chinese car sharing market with a market share of over 90%. Didi Chuxing is a popular Chinese car sharing application, which has more than 450 million registered users and is used by more than 25 million people every day. According to Business Wire, the number of daily Didi Chuxing use is about twice as many as the total number of ride-sharing app use around the world except China. Softbank is the largest shareholder of this representative unicorn company of China and Tencent, Alibaba, Apple among others are its major shareholders.

At the moment, the car sharing market is growing explosively. According to a Goldman Sachs analysis, the global car sharing market reached 40 trillion won in 2016 and is expected to hit 300 trillion won by 2030.

"This investment will provide investors with opportunities to participate in the growing car sharing market, and Korean companies that will enter the car sharing industry with various opportunities such as collaboration opportunities and technological cooperation,” a Mirae Asset Capital official said. “In the future, we will provide various investment opportunities through the discovery of global unicorn companies and investment in them."