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Baowu Steel's E-commerce Platform Ouyeel Raises RMB 1 Bln Funding

Chinanews.com, 5/31/17

China Baowu Steel Group's subsidiary Ouye E-Commerce, operator of steel e-commerce platform Ouyeel, recently held a signing ceremony in Shanghai to mark its addition of new investors and an employee shareholding plan. Ouye E-Commerce will add new enterprise investors including Benxi Steel Group, Beijing-based Shougang Fund, Singapore-based Global Logistics Properties (GLP), China Construction Bank Trust (CCB Trust), Jiangsu-based Shagang Group, and Japanese trading company Mitsui. With the addition of these new shareholders and its employee shareholding program, Ouye E-Commerce will raise a total of more than RMB 1 bln in new funding.

Zhang Peixuan, vice president and board secretary at Ouye E-Commerce, said that a 28% stake in the company was opened up to new investors during the funding round. Of this total, the employee shareholding program subscribed for a 5% stake, Benxi Steel Group, Shougang Fund, and Global Logistics Properties each subscribed for a 5% stake, and Shagang Group CCB Trust, and Mitsui took 2.5%, 3.5%, and 2% stakes, respectively.

Keywords: B2B Baowu Steel Ouye E-Commerce Ouyeel Benxi Steel Shougang Fund Shagang Mitsui M&A VC Zhang Peixuan China Construction Bank e-commerce Internet funding Global Logistics Properties

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