JunZeJun Law Offices Has Successfully Assisted the Car-sharing Platform PonyCar to Complete Its Series C Financing
Issue date：10 Jan 2018
Recently, the car-sharing platform “PonyCar” has successfully completed its Series C financing with the amount of hundreds of millions of RMB. This round of financing was led by Zhihe Chuxing; China Peakedness was the exclusive financial advisor; JunZeJun Law Offices was the legal advisor of the whole process for the financing party. This round of financing of PonyCar has broken the record of the single financing amount in car-sharing area, and PonyCar has become the first car-sharing platform who has finished its Series C financing formally.
“PonyCar” was initiated in Shenzhen. After being launched, its network coverage and operational efficiency have been accelerated jointly. Just in six months, it has extended its network in every district of Shenzhen, and has achieved maximizing the sharing efficiency of every car by virtue of the precise scheduling of Artificial Intelligence. This high efficiency of the city operation has been duplicated successively to every major city all over the country, and the operations in these places have become even more efficient. Under the country’s policy background of strongly supporting to establish time-sharing leasing business of new energy automobiles, “PonyCar” has launched over 3000 new energy automobiles into these four cities, Shenzhen, Guangzhou, Beijing and Xian, and has planned to operate in Chengdu, Wuhan, Shanghai, Changsha and so forth.
The platform "PonyCar" will continue to increase input in the Internet of Vehicles, Vehicle-mounted Boxes as well as other hardware technologies and will build up a transportation ecosystem of “Sharing & Interconnection”. In terms of AI (Artificial Intelligence), "PonyCar" has established an intelligent scheduling system which can match the supply and the needs, to lower the operating costs dramatically and enhance the scheduling efficiency by utilizing the map data, city population thermodynamic diagrams and transportation tracks. In the meantime, it can promote the intelligent transportation experience continually by speech and video recognition technology.
The project of "PonyCar" is the representative project in the areas of new energy automobiles and Internet creative business, and its business model and development path are ahead of the curve of the industry innovation. In the several rounds of financing, different kinds of investors have been involved, such as industry investors and financial investors, which also brings challenges to the design of the Series C financing structure, the coordination and negotiation of the investment agreement. The importance of the professional competence as well as the working experience of the project lawyers has been highlighted by such challenges.
JunZeJun Law Offices has been engaged to be the special legal advisor in this financing project for PonyCar company. The project group, leading by lawyer Chan Jieyi and consisting of lawyer Wu Jiaxin, lawyer Zhang Yuanhong and so forth, has provided comprehensive and high-quality legal services, including participating in the design of the business structure, drafting, checking and modifying the whole set of legal documents and participating in the business negotiation and so forth.