Chinese Internet search provider Baidu Inc, along with Internet giants Tencent Holdings and JD.com Inc, jointly announced on Monday that each will invest $50 million in Bitauto Holdings.
Bitauto is a provider of Internet content and marketing services for the fast-growing automotive industry, Baidu noted in an e-mail sent to the Global Times on Monday night.
Bitauto also announced that pursuant to definitive agreements entered into by and between Bitauto and PA Grand Opportunity (PAG), Bitauto will issue convertible bonds to PAG's affiliates in an aggregate principal amount of up to $150 million.
Through the cooperation over the past year with JD.com and Tencent, Baidu has gained tremendous momentum in making Bitauto the industry leader in online automobile transactions.
