Why Apple is investing $1 billion in Didi, China's version of Uber

May 13, 2016 6:11 AM

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With sales of iPhones slowing on mainland China and Apple running into trouble with regulators there, the Cupertino, Calif., company may see its $1-billion investment in ride-hailing service Didi Chuxing as a source of new revenue streams and goodwill in the massive market.

Apple recently introduced Apple Pay in the country, but it is up against fierce domestic rivals with a big head start, like Alibaba’s Alipay and Tencent’s WeChat Pay. Apple’s iTunes movie and iBook services were recently suspended in China.

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