BEIJING, April 7 (TMTPOST) — Yidao Yongche’s founder Zhou Hang has been appointed as board chair of Caocao Chuxing, Jiemian reported, citing sources familiar the matter.
Zhou has confirmed the news report with Jiemian.
Zhou said that he left Shunwei Capital last June but did not elaborate on his responsibilities at Caocao Chuxing, a ride-hailing platform in China. According to Zhou, Caocao Chuxing’s CEO will continue to be the core of the company’s operation.
Caocao Chuxing’s associated company Hangzhou Youxing Technology has undergone organizational changes, according to enterprise information app Tianyancha. Zhou has been appointed as board chair while Zhang Quan as a board member. Liu Jinliang has stepped down as board chair to become a board member. Board member Li Donghui has resigned from the board.
Zhou is the founder of ride-sharing app Yidao Yongche. Liu is the vice president of Chinese automaker Geely Holding Group. Li is the CEO of Geely.
Founded in May 2010, Yidao Yongche started its cab-hailing business in China two years earlier than the current industry leader Didi. In 2014, Yidao Yongche had a market share of over 50% in China.
Yidao Yongche gradually lost its advantages as it decided to not burn cash to heavily subsidize its users for a larger market share. In 2015, Yidao Yongche received a strategic investment from Leshi. The latter company acquired a 70% controlling stake in Yidao Yongche and started sending senior management team members to Yidao Yongche to intervene the company’s operation. Zhou gradually distanced himself from the business operation of Yidao Yongche.
The founding team of Yidao Yongche, led by Zhou, eventually announced that they would resign from Yidao Yongche in April 2017.
Zhou then joined Shunwei Capital as an investment partner. Zhou’s appointment at Caocao Chuxing marks his return to the mobility service business.
