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6/13/2016, 8:03 AM (Source: TeleTrader)
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Didi gets $600 million from China Life

China Life invested $600 million in Uber’s Beijing-based rival Didi Chuxing Technology Co., according to media reports early on Monday. Half of the sum will go towards Didi’s latest financing round whose final aim is $3.5 billion. The other $300 million will be treated as “long-term debt investment.”

Apparently, the move will lead the two companies into cooperation on developing new insurance and financial services. China’s biggest ride-sharing company got $1 billion from Apple a month ago.

On the other hand, the state-owned insurance company has already made around $1 billion investment in Uber China five months ago.

 

Image: EPA / Ym Yik

Baha Breaking News (BBN) / DN