Uber sells Chinese operations to Didi Chuxing

1st Aug 2016
Uber sells Chinese operations to Didi Chuxing

Uber has agreed to sell its Chinese business to rival Didi Chuxing.

The taxi-booking app will retain separate branding in the country, with Uber also taking a 5.9 per cent stake in the combined company.

Didi Chuxing - which is backed by internet giants Tencent and Alibaba - dominates the taxi-booking sector in China with nearly 90 per cent of the market.

In a statement Cheng Wei, chief executive of Didi Chuxing, said the two companies had learned a great deal from each other over the past two years.

He added the deal would “set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level”.

Uber China launched in 2014 but so far has failed to make any profit, revealing earlier this year it was losing more than $1 billion a year in the market.


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