China-based luxury car services provider China Harmony New Energy Auto Holding has spun out its post-sales services division, Independent Aftersales, with RMB280m ($41.2m) in funding, according to a stock exchange filing.
The round was co-led by Leaguer Auto, a subsidiary of investment firm Shenzhen Leaguer Capital Investment Management, and investment partnership Aouto Investment. Each of the two provided $15.4m of the funding and took a 12.7% stake in the process.
The remainder was supplied by Aftersales Management, a vehicle owned by Harmony New Energy’s chief operating officer Yang Lei, and the corporate’s Employee Stock Ownership Plan.
Established in 2015, China Harmony New Energy Auto offers sales and services for luxury car brands such as Rolls-Royce and BMW. The company currently operates 46 sales, spare part, service and survey stores and after-sales shops across China.
Independent Aftersales will manage more than 100 automotive repair and maintenance centres across more than 40 cities in China. The company will focus on the luxury car market.