As reported by Reuters and other media outlets, an investor consortium including Paul, Weiss client Tencent Holdings Ltd., a leading provider of comprehensive internet services in China, agreed to invest $550 million in cash in Yixin Capital Ltd. The consortium also includes Bitauto Holdings Ltd., a China-based internet content and marketing provider for the automotive industry; Baidu Inc., a China-based language search provider; JD.com Inc., a China-based online shopping services company; and other minority investors. Yixin Capital, a subsidiary of Bitauto, provides an online platform for automotive financing. The transaction is expected to close in August.

The Paul, Weiss team included corporate partner Jeanette Chan and counsel David Lee.