Read us | Listen to us | Watch us | Join Live Events | Turn Off Ads | Live |

Click on your language to translate this article:

Afrikaans Afrikaans Albanian Albanian Amharic Amharic Arabic Arabic Armenian Armenian Azerbaijani Azerbaijani Basque Basque Belarusian Belarusian Bengali Bengali Bosnian Bosnian Bulgarian Bulgarian Cebuano Cebuano Chichewa Chichewa Chinese (Simplified) Chinese (Simplified) Corsican Corsican Croatian Croatian Czech Czech Dutch Dutch English English Esperanto Esperanto Estonian Estonian Filipino Filipino Finnish Finnish French French Frisian Frisian Galician Galician Georgian Georgian German German Greek Greek Gujarati Gujarati Haitian Creole Haitian Creole Hausa Hausa Hawaiian Hawaiian Hebrew Hebrew Hindi Hindi Hmong Hmong Hungarian Hungarian Icelandic Icelandic Igbo Igbo Indonesian Indonesian Italian Italian Japanese Japanese Javanese Javanese Kannada Kannada Kazakh Kazakh Khmer Khmer Korean Korean Kurdish (Kurmanji) Kurdish (Kurmanji) Kyrgyz Kyrgyz Lao Lao Latin Latin Latvian Latvian Lithuanian Lithuanian Luxembourgish Luxembourgish Macedonian Macedonian Malagasy Malagasy Malay Malay Malayalam Malayalam Maltese Maltese Maori Maori Marathi Marathi Mongolian Mongolian Myanmar (Burmese) Myanmar (Burmese) Nepali Nepali Norwegian Norwegian Pashto Pashto Persian Persian Polish Polish Portuguese Portuguese Punjabi Punjabi Romanian Romanian Russian Russian Samoan Samoan Scottish Gaelic Scottish Gaelic Serbian Serbian Sesotho Sesotho Shona Shona Sindhi Sindhi Sinhala Sinhala Slovak Slovak Slovenian Slovenian Somali Somali Spanish Spanish Sudanese Sudanese Swahili Swahili Swedish Swedish Tajik Tajik Tamil Tamil Thai Thai Turkish Turkish Ukrainian Ukrainian Urdu Urdu Uzbek Uzbek Vietnamese Vietnamese Xhosa Xhosa Yiddish Yiddish Zulu Zulu

Didi Chuxing to acquire Uber China

0a1a_1368
0a1a_1368
Written by editor

BEIJING, China – Didi Chuxing today announced a strategic agreement with Uber under which Didi Chuxing will acquire all assets of Uber China–including its brand, business operations and data–for ope

Print Friendly, PDF & Email

BEIJING, China – Didi Chuxing today announced a strategic agreement with Uber under which Didi Chuxing will acquire all assets of Uber China–including its brand, business operations and data–for operation within mainland China. This landmark transaction signals a new stage in the development of China’s rideshare industry.


In exchange for the Uber China assets, Uber will receive 5.89% of the combined company with preferred equity interest which is equal to a 17.7% economic interest in Didi Chuxing. In addition, Baidu and other Chinese shareholders will receive a 2.3% economic interest in Didi Chuxing. Under the agreement, Didi Chuxing will also obtain a minority equity interest in Uber. Cheng Wei, founder and chairman of Didi Chuxing, will join the board of Uber. Travis Kalanick, founder of Uber, will join the board of Didi Chuxing. Additional terms were not disclosed. With this transaction, Didi Chuxing becomes the only company with common investment from Tencent, Alibaba and Baidu.
Under the agreement:

• Uber China will maintain independent branding and business operations to ensure stability and continuity of service for passengers and drivers;

• Didi Chuxing will integrate the managerial and technological experience and expertise of the two teams, to meet China’s ever richer transportation demands with more value-added solutions;

• Didi Chuxing will work with regulators, peers and stakeholder groups to continue educating the market to build a healthy environment in support of the growth of China’s mobile internet industry and the nation’s economic development program; and

• Didi Chuxing will continue to work with global partners in connecting local resources to create the best possible cross-border ridesharing experience for their users.

Cheng Wei, founder and CEO of Didi Chuxing, said, “Didi Chuxing and Uber have learned a great deal from each other over the past two years in China’s burgeoning new economy. As a technology leader deeply rooted in China, Didi Chuxing is constantly pushing the frontier of innovation to redefine the future of human mobility. This agreement with Uber will set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level. Didi Chuxing commits all our energy to work with regulators, users and partners to meet the transportation, environmental and employment challenges of our cities.”

Jean Liu, President of Didi Chuxing said, “Over 15 million drivers and 300 million registered users have joined DiDi’s open, sharing-based ecosystem that connects people, cars and lifestyles. With the addition of the strong talents and experience of the Uber China team, Didi Chuxing will be even better-positioned to serve the Chinese people. Didi Chuxing will also continue to expand its international strategy. We look forward to working with our partners at home and abroad to create more value for drivers, passengers and communities.”



As China goes through the world’s greatest urbanization process, sharing economy initiatives have seen tremendous growth under the aegis of the country’s innovation-friendly Internet Plus strategy. The still-fledgling rideshare market for the 1.3 billion population is showing unrivalled momentum. On July 28, China’s Ministry of Transportation issued the Preliminary Rules on the Management of Online Car-Booking, the world’s first national-level legislation to legalize ridesharing. We look forward to achieving the tremendous possibilities for drivers, riders and cities at this new dawn of opportunities.

Print Friendly, PDF & Email