A joint venture named after the literary figure Monkey King is planning to bring innovation to the automotive industry in 2016, which is the Year of the Monkey according to the Chinese zodiac.

 

The venture is the 1.4 billion yuan ($213.5 million) Dasheng (which in English literally means "Monkey King") Technology Co, a 45-40-15 partnership among carmaker GAC Group, internet company LeEco and insurance company Urtrust. The partnership aims to make it easier to purchase, sell and insure cars online.

 

There are already several carselling websites in China, such as Tmall.com and bitauto.com, but Dasheng, which is expected to come online in November, is the first to have an automaker among its shareholders.