Luckin Coffee Founder to Sell Stake in Car Rental Unit to SAIC

Caixin Global | Jul 3, 2020 at 5:49 AM
  • SAIC Motor Corp. Ltd., China’s largest automaker, agreed to pay as much as HK$1.9 billion ($254 million) for 28.92% of leading car rental services provider Car Inc.
  • Under the deal, SAIC will purchase the shares from Car Inc. shareholders Ucar Inc. and U.S. private equity giant Warburg Pincus.
  • If the deal is completed, Ucar Inc. will withdraw from Car Inc., ending Car Inc’.s financial relationship with Lu, whose affairs have been rattled by the financial reporting fraud of Luckin Coffee.