Car service app Uber is preparing to sell its China business to domestic car-hailing app Didi Chuxing, with the combined business valued at 35 billion dollars, a news report said Monday.
Investors in Uber China, owned by the San Francisco-based company, will receive a 20 per cent stake in Didi Chuxing, Bloomberg News cited people familiar with the matter as saying.
After launching in the country in 2014, Uber's market share in China has been dwarfed by Didi Chuxing.
Uber CEO Travis Kalanick said in February this year that Uber is losing more than 1 billion dollars a year in China where it faces a "fierce competitor".
An unpublished blog post believed to be written by Kalanick that Bloomberg obtained said: "As an entrepreneur, I've learned that being successful is about listening to your head as well as following your heart ... I have no doubt that Uber China and Didi Chuxing will be stronger together."
The two companies have not responded to dpa's requests for comment.
Monday, August 1, 2016 - 12:34
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