Chase Coleman's hedge fund firm Tiger Global has filed a 13D with the SEC regarding its stake in eHi Car Services (EHIC). Per the filing, Tiger Global is selling 5.26 million ADR shares representing 10.52 million class A shares.
The SEC filing specifies the details:
"On February 23, 2018, Global Mauritius, a Reporting Person, entered into a Securities Purchase Agreement (the "Purchase Agreement") with BPEA Teamsport Limited (the "Purchaser") for the sale of 5,264,080 ADSs, representing 10,528,160 Class A Shares, to the Purchaser. The closing of the transaction contemplated by the Purchase Agreement is scheduled to occur on or prior to May 30, 2018. The initial purchase price is US$12.00 per ADS, subject to adjustment as provided in the Purchase Agreement. The Purchaser is participating in that certain consortium including Mr. Ray RuiPing Zhang, the Chairman and Chief Executive Officer of the Issuer, and other potential investors, in connection with the proposed acquisition of the Issuer in a "going-private" transaction for US$13.35 in cash per ADS, as disclosed in Exhibit 99.1 to the Issuer's Form 6-K furnished with the United States Securities and Exchange Commission on January 2, 2018."
The entire securities purchase agreement is found here.
Per Google Finance, Ehi Car Services "is engaged in car rentals and car services. The Company provides self-drive car rental services to both individual customers, as well as corporate and institutional clients to meet travel, leisure, business and ground transportation needs. The Company operates its car rentals business primarily through its subsidiaries, including Shanghai eHi Car Rental Co., Ltd. (eHi Rental), eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches. For its car services business, the Company provides vehicles and chauffeur services through different subsidiaries. The Company provides chauffeur services through its subsidiary, Shanghai Smart Brand Auto Driving Services Co., Ltd. (Shanghai Smart Brand), and its subsidiaries and branches. The Company has a limited operating history."
Wednesday, February 28, 2018
Tiger Global Selling eHi Car Service Stake
Monday, July 6, 2015
SRS Investment Management Discloses eHi Car Services Stake
Karthik Sarma's hedge fund firm SRS Investment Management has filed a 13G on shares of eHi Car Services (EHIC). Per the filing, SRS now owns 15.3% of the company with over 8.33 million shares (inclusive of 333,334 class A shares held via 166,667 ADSs).
This is a newly disclosed position as it didn't show up in their last 13F as of the end of Q1. The filing was made due to activity on June 30th. As of the end of Q1, SRS had a lot of exposure to other car rental/transportation plays such as Avis Budget (CAR ~ their largest US long worth over $590 million at Q1's end) and Hertz (HTZ ~ their fifth largest US long).
Just recently, we've highlighted how Tiger Global has also increased its stake in eHi Car Services.
About SRS Investment Management
Prior to founding SRS, Karthik Sarma worked at Tiger Global. He started SRS in 2007 and has a large focus on international markets (particularly in India, China, etc) and typically invests in technology, media and other high-growth industries. SRS's latest 13F filing indicates they manage in excess of $2.5 billion and that doesn't include their foreign positions.
About eHi Car Services
Per Google Finance, eHi is "a China-based holding company, which provides car rentals and car services to both individual customers and corporate clients. The Company utilizes mobile and Internet platforms to provide online to offline (O2O) mobility solutions. The Company operates its car rentals business primarily through its People's Republic of China (PRC) subsidiaries, Shanghai eHi Car Rental Co., Ltd. (eHi Rental) and eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches."
Thursday, July 2, 2015
Tiger Global Boosts eHi Car Services Position
Chase Coleman's hedge fund Tiger Global has filed an amended 13D with the SEC regarding its stake in eHi Car Services (EHIC). Per the filing, Tiger Global now owns 30.5% of the company with over 16.66 million shares.
This is an increase from the 9.4 million shares that Tiger Global originally disclosed via its new eHi Car Services stake back in late May.
Coleman's stake currently includes 666,666 class A shares held via 333,333 ADS's. The filing notes that they bought 7,266,666 shares from the company at $6 per share.
We've highlighted some of Tiger Global's other recent portfolio activity here.
Per Google Finance, eHi is "a China-based holding company, which provides car rentals and car services to both individual customers and corporate clients. The Company utilizes mobile and Internet platforms to provide online to offline (O2O) mobility solutions. The Company operates its car rentals business primarily through its People's Republic of China (PRC) subsidiaries, Shanghai eHi Car Rental Co., Ltd. (eHi Rental) and eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches."
Tuesday, June 2, 2015
Tiger Global Shows eHi Car Services Stake
Chase Coleman's hedge fund Tiger Global has filed a 13D with the SEC regarding shares of eHi Car Services (EHIC). The filing indicates Tiger Global owns 21.5% of the company with over 9.4 million shares.
This is a newly disclosed equity stake as they did not report one as of the end of the first quarter. The filing was made due to activity on May 22nd when they entered into a Securities Purchase Agreement with the company where they acquired over 7.62 million shares at $6.00 per share. They also acquired shares from other sellers and entered into agreements for cash-settled total return swaps as well.
Additionally, Tiger Global has the right to purchase an additional 7,266,666 shares at the same price. They also entered into a lock-up agreement which prevents them from selling until November 21st, 2015. You can read all the necessary items regarding their position here.
For more from this hedge fund, you can view other Tiger Global portfolio activity here.
Per Google Finance, eHi is "a China-based holding company, which provides car rentals and car services to both individual customers and corporate clients. The Company utilizes mobile and Internet platforms to provide online to offline (O2O) mobility solutions. The Company operates its car rentals business primarily through its People's Republic of China (PRC) subsidiaries, Shanghai eHi Car Rental Co., Ltd. (eHi Rental) and eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches."
