Goldman Sachs announced its return to the Chinese automobile market after an absence of eight years on Thursday, leading a $300 million investment in Renrenche, an automobile portal for trading second-hand cars.
The bank is co-investing alongside Tencent and Didi Chuxing, both existing shareholders in the startup founded four years ago.
Tencent, the tech giant behind China’s biggest social messaging app WeChat, participated in Renrenche’s $85 million...