SoftBank invested $1.5bn in Chehaoduo Group, a leading Chinese customer-to-customer auto retail services company that operates Guazi, an e-commerce platform focusing on second-hand car transactions, and Maodou, an e-commerce platform focusing on new car transactions. Eric Chen, Ph.D., Partner for SoftBank Investment Advisers, states, "China's used car market is growing rapidly but online penetration remains low and auto financing is underutilized compared to developed markets. In just three years, Chehaoduo Group, through the Guazi brand, has leveraged the latest innovations in data-driven technology to establish China's leading car trading platform. The company has a bold vision with technology at its center to underpin an industry network that will support transformative growth of the market."