Baidu Inc, Tencent Holdings Ltd and JD.com Inc jointly announced on Monday that they have entered into definitive agreement to each invest US$50 million in Bitauto Holdings Ltd, a leading provider of internet content and marketing services for China's fast-growing automotive industry.

Baidu, Tencent and JD.com each agrees to purchase 2,471,577 newly issued ordinary shares of the New York-listed Bitauto at $20.23 per share, corresponding to $20.23 per American depositary share, each representing one ordinary share of Bitauto.

Bitauto also said that following an agreement with PA Grand Opportunity Ltd, Bitauto agrees to issue convertible bonds to PAG in an aggregate principal amount of up to US$150 million.

William Li, chief executive officer and chairman of Bitauto ,will indirectly purchase a portion of the CBs through PAG under a total return swap arrangement with PAG.

Upon the closing of both transactions, Baidu, Tencent, JD.com and holders of the CBs will hold 3.2 percent, 7.1 percent, 23.5 percent and 8.2 percent respectively, of Bitauto’s outstanding shares on a fully diluted basis, taking into effect the new issuance and the conversion of the CBs at the initial conversion price.

Tencent and JD.com jointly invested $1.55 billion yuan in Bitauto in January 2015 in a move to provide enhanced online automotive transaction services to car buyers across China.

"Through our cooperation over the past year with JD.com and Tencent, China’s leaders in world-class e-commerce, social media and big data, we have gained tremendous momentum in making Bitauto the industry leader in online automobile transactions," said Li.

"Through our new partnership with Baidu, we expect to leverage its leadership in mobile and desktop online search, big data and transaction services platforms for additional strategic advantages as we continue to create the industry leading new and used car purchasing experience for customers in China," he said in a statement.