China's LeTV plans to buy 70 percent stake in car hire app Yidao Yongche

Reuters News
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Posted: Oct 19, 2015 11:47 PM

BEIJING (Reuters) - A unit of China's LeTV plans to acquire a 70 percent stake in private car hire app Yidao Yongche to become its controlling shareholder, LeTV said in a post on its official microblog on Tuesday.

The deal, whose value was not given, would mark LeTV's expansion in the vehicle market. LeTV has been working on an electric-vehicle project named super electric eco-system (SEE) since December, according to the post.

(Reporting By Winni Zhou and Nicholas Heath; Editing by Muralikumar Anantharaman)