China's used car traders Youxin raises millions to expand

Chinese used car trading platform Youxin raised $500 million in a new round of funding led by TPG Growth, Jeneration Capital and China Vision Capital in January to further expand its businesses, services and branding, according to the company.

The company said on Wednesday that Youxin completed a whole industrial chain, from used car bidding, platform trading, financing and big data services in the sector.

Other investors include Warburg Pincus, Tiger Global Management, Hillhouse Capital, KKR, Huasheng Capital and Focus Media.

Recently, some reports claimed that the company inflated the number of used cars available for trade on its platform. Youxin denied that and said on Wednesday that the source of the information is from a netizen's speculation on a domestic online community, which is not based on fact.

The company said it's highly possible that spreading the information amounts to illicit competition.

Contact the writer at dujuan@chinadaily.com.cn