Uber sells China business to rival Didi Chuxing, reports say

August 1, 2016 5:40 AM

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Chinese ride-hailing leader Didi Chuxing plans to absorb Uber’s business in the world’s most populous nation, ending a costly battle between the unprofitable rivals, media reports said Sunday night.

Uber China investors would become the largest shareholder of the combined entity with a 20% stake, according to reports citing anonymous sources first from Bloomberg and later the Wall Street Journal. Joined together, the ride-hailing venture would be worth $35 billion, according to the New York Tim...

Also read: China's economy faces overcapacity problems, financial risks rise- Xinhua

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