Ex-Warburg Pincus China head David Li joins Ucar

Li, who spent nearly 14 years with Warburg Pincus, will lead corporate strategy and capital market operations for Ucar. Charles Lu, chairman of Ucar, told local media that the company is targeting a domestic IPO this year, potentially on the National Equities Exchange and Quotations (NEEQ), also known as New Third Board.

The GP announced Li's resignation in February and appointed Julian Cheng and Frank Wei to co-manage the China business. Warburg Pincus is currently seeking to raise $2 billion for a new China-dedicated fund, which will make investments in the country alongside the firm's global fund.

Ucar, which operates under the Shenzhou Private Car brand, has a longstanding relationship with China Auto Rental (CAR). It entered into a co-branding arrangement with the Hong Kong-listed company early last year, enabling it to rent CAR's vehicles under long-term contracts. Ucar provides car rental services through its mobile app and employs professional drivers to operate the leased vehicles. 

Last July, Ucar raised a $250 million Series A round from Warburg Pincus, Legend Capital and CAR. Three months later, the investor group provided an additional $550 million. Warburg Pincus is also a shareholder in CAR, having committed $200 million to the company in 2012, ahead of a $467 million Hong Kong IPO. The PE firm retains an 11.1% stake in the business, having made a partial exit last May. 

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