On January 23, 2015, the Series D round of PE financing of 268V LIMITED (“Cheyipai”), advised by Beijing-based senior partner Li Shoushuang and attorney Li Xue, was successfully executed, with renren.com acting as the lead investor and preceding investors Sequoia Capital, Matrix Partners China, Morningside Ventures and CITIC Capital as co-investors. The US$110mln Series D round is the fourth round of financing since Series A round started in 2011, leading to an accumulative total of US$185mln.
Dacheng has acted as legal advisor for all these rounds of financing. In the Series D round, the attorneys were responsible for drafting transaction documents and documents for the financing party, negotiation of terms and delivery of the deal. It took only three weeks for the deal to consummate since the financing plan was brought up.
Cheyipai is a leading secondhand car trading platform in China. It is also a leading solution provider for trading old cars in for new ones, online auction of used cars, as well as standard review and testing of used cars. It owns two brands of services, i.e., cheyipai.com, the online car trading platform and 268V, a professional used car review and testing service provider. 268V is the largest such testing service provider in China and the only one committed to compensation liability for inaccurate review and testing results.
Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 50 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including Hong Kong SAR, China. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.
