CheHaoDuo Group, which operates Chinese auto trading platform, has raised $200 million U.S. from Softbank’s Vision Fund and Sequoia Capital in an extended Series D funding round. The investment follows a $1.5 billion U.S. round last February, bringing its valuation to $9 billion U.S.

The new funding will be used as a hedge against the economic repercussions of the coronavirus pandemic, according to a WeChat post from CheHaoDuo. The funds will also go to expanding CheHaoDuo’s after-sales services. The company added that it became profitable in the fourth quarter of 2019.

CheHaoDuo was founded in 2015 as Guazi and rebranded in 2017 after an expansion into online marketing and new vehicle sales. The company’s Guazi brand still offers used cars trading services, while Maodou hosts new vehicle listings.

“China has a huge automobile market that is mainly composed of traditional players,” said Eric Chen Xun, managing partner at SoftBank’s Vision Fund. “The technology platform built by CheHaoDuo has helped take auto purchasing online and increase industry efficiency.”

Other investors in CheHaoDuo include classifieds giant, Tencent Holdings, Alibaba co-founder Jack Ma and Chinese private equity firm FountainVest Partners.

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