CITIC Bank buys 18% stake in car-hailing firm Yidao

SHENZHEN - China CITIC Bank on Thursday said its subsidiary has acquired an 18.18-percent stake in Yidao Yongche to get a slice of the booming car-hailing market.

CNCB Investment in Yingtan city, East China's Jiangxi province, now holds the minority stake in the smaller rival to Didi Chuxing.

CITIC Bank gave no further details about the stake purchase, including the price.

CITIC Bank and Yidao also signed a strategic agreement on cooperation in car owner financing, payments, investment consulting, and big data in the southeast China city of Shenzhen Thursday.

Wen Xiaodong, CEO of Taoyun Capital, said Yidao is now back on the right track after the firm bought the majority stake from troubled tech firm LeEco last year.

With the help of the new shareholder, Yidao will explore cooperation between financial and car-hailing services, Wen said.