Song Jingli

BOC International, the investment bank unit of state-owned Bank of China is one of the investors.

New funds will be used to develop Miaoshou’s online services and insurance business.

The two companies are overlapping in some sectors.

The firm’s shares will begin trading on the Hong Kong stock exchange on June 18.

China’s cyberspace administration forced Weibo to pause certain features for one week in the wake of a scandal involving an Alibaba exec.

The investment was led by CTC Capital and joined by private equity firm Sinowisdom.

The startup is in preparations for an initial public offering but has shifted the destination from the US to Hong Kong, following the Luckin scandal.

The fresh funds will be used to develop new auto parts, build new warehouses, and to digitalize its business.