By ZHUANG Jian
Ouyeel, an online steel transaction platform owned by China Baowu Steel Group, received an investment of 1 billion yuan (US$1.4 billion) on August 16 from a consortium of seven companies, including a fund owned by its parent company Baowu and Hidden Hill Capital.
Chairman of Ouyeel WANG Jing said that the company began diversifying ownership last year. This financing round primarily targets strategic investors and is not open to financial investors.
Wang revealed that more than 50 investors participated in negotiations and the seven included suppliers, clients and logistics companies.
The 1 billion yuan has been designated for specific investments, including the development of smart logistics, a low-carbon supply chain, and international expansion.
Established in 2020, Ouyeel is an industrial product supply chain platform funded by Baowu Group, the world's largest steel company.
One of the purposes of Ouyeel is to integrate the supply chain within Baowu Group and extend the supply chain beyond the group.
In 2022, Ouyeel's revenue of 37.9 billion yuan was up 24 percent. GMV exceeded 380 billion yuan, with over 3 million products listed and a user base of 350,000.
