Didi Chuxing Confirms Buying Uber Operations In China

Fahad Shabbir (@FahadShabbir) Published August 01, 2016 | 03:55 PM

Didi Chuxing confirms buying Uber operations in China

BEIJING, (APP - UrduPoint / Pakistan Point News - 1st August, 2016) - Chinese ride-sharing giant Didi Chuxing is to take over the China operations of its US rival Uber, it said in a statement Monday, ending a ferocious battle for market share that cost both firms billions.

In exchange for the Uber China assets, Uber and its Chinese partners will receive shares equivalent to 20 percent of Didi Chuxing, the statement said,with Didi CEO Cheng Wei saying the two "have learned a great deal from each other over the past two years in China's burgeoning new economy".

Facebook Twitter Reddit Pinterest Whatsapp

Recent Stories

SIU arrests robbery gang targeting bank customers

SIU arrests robbery gang targeting bank customers

Asia Cricket Week from April 28

Asia Cricket Week from April 28

PSA World C'ships in May

PSA World C'ships in May

Food Safety Authority raids hospitals' canteen acr ..

Food Safety Authority raids hospitals' canteen across KP

US Fed's favored inflation measure accelerates in ..

US Fed's favored inflation measure accelerates in March

Kenya flood death toll since March climbs to 70: g ..

Kenya flood death toll since March climbs to 70: govt

Rafiq-ul-Hujajj Committee to organize 2nd training ..

Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..

Defence Minister leads Pakistan's delegation to Ka ..

Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot

PRCS Chairman, Moroccan envoy discuss humanitarian ..

PRCS Chairman, Moroccan envoy discuss humanitarian relations

50pc cut in subsidy of BRT service likely: CM’s ..

50pc cut in subsidy of BRT service likely: CM’s aide

Russia striking Ukraine railways to 'paralyse' arm ..

Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source

Cop, suspected outlaw injured in police encounter

Cop, suspected outlaw injured in police encounter