Chinese used car trading site Mychebao, or Chezhibao in Chinese, has announced the completion of a 300 million RMB ($50 million USD) Series B financing led by Jiuding Capital and Addor Capital and followed by Gobi Partners, Nanjing Venture Capital and Bank of Nanjing. The company’s $10 million USD A round was received from sole investor Gobi Partners in September 2014, who are also an investor in Technode.

This latest round will see them expand into new markets, optimize operations in current markets, improve the company’s trading platform, bring on new talents and establish second-hand auto retail financial services, according to the company.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.