June 28, 2016 Comments Off on Poly Group invests $400 million in Didi Chuxing
Competition in the ride-hailing industry heats up as Didi Chuxing, Uber’s main rival in China, raised $400 million from Poly Group. Poly Group is one of China’s state-owned trading and real-estate conglomerates. This latest fundraising leaves Didi with a valuation of around $27.6 billion. Didi Chuxing, formerly known as Didi Kuaidi, dominates the Chinese ride-hailing market at more than 14 million rides per day. In addition to the equity fundraising, China Merchants Bank recently led a syndicated loan of $2.5 billion and China Life Insurance lent $300 million in long-term debt to Didi Chuxing. The company now has more than $10 billion in disposable funds which it intends to use to ramp up its competition with Uber.
April 15, 2016 Comments Off on Ele.me raises $1.25 billion from Alibaba and Ant Financial
You can read about the funding here.
December 17, 2015 Comments Off on Alibaba acquires the South China Morning Post
September 15, 2015 Comments Off on Can Uber succeed in China?
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