Didi builds war ch­est to fend off Uber

China Daily (Canada) - - NEWS CAPSULE -

Didi Chux­ing has com­pleted a $7.3 bil­lion round of fi­nanc­ing that will give China’s largest ride-hail­ing plat­form a big­ger war ch­est to fend off Uber Tech­nolo­gies Inc in its home mar­ket.

The Bei­jing-based Didi said in a state­ment that it raised $4.5 bil­lion in eq­uity fund­ing from new in­vestors in­clud­ing Ap­ple Inc as well as ex­ist­ing in­vestors, such as the coun­try’s in­ter­net gi­ant Alibaba Group Hold­ing Ltd and Ten­cent Hold­ings Ltd.

In ad­di­tion to the eq­uity in­vest­ment, the com­pany also landed a debt pack­age of as much as $2.5 bil­lion led by China Mer­chants Bank Co and a long-term debt in­vest­ment of $304 mil­lion from the coun­try’s top in­surer, China Life In­surance Co. It didn’t re­veal its val­u­a­tion af­ter the new round of fund­ing but said it now has $10.5 bil­lion of dis­pos­able funds.

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