Uber bows out of China fray with lots of fight left for dominance elsewhere
by Rob Davies from Technology | The Guardian on (#1PPCY)
The ride sharing firm will now be eyeing the Indian market, and has its sights set on even bigger rivals
Only a Chinese wall could slow the progress of the Uber juggernaut. The ride-sharing app, pugnacious pioneer of the sharing economy, has given up on its attempt to get the better of Chinese domestic rival Didi Chuxing.
Uber agreed instead to hand over its branding, operations and data in exchange for a 20% holding in Didi, which is valued at $35bn. That makes Uber's stake worth some $7bn, not a bad return on the $2bn the San Francisco tech firm has already spent trying to establish a profitable beachhead in the People's Republic. Didi will also invest $1bn in Uber Technologies, adding to the company's already hefty pot.
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