CHINA-ECONOMY: US INVESTMENT IN CHINESE TAXI COMPANY

 Didi Chuxing, the Beijing-based ride-hailing firm that rivals Uber in China (also referred to as Didi Kuaidi), announced it has received a strategic investment of US$ 1 billion from Apple. “We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market,” Apple CEO Tim Cook told Reuters. “Of course, we believe it will deliver a strong return for our invested capital over time as well.” In a conference call, Didi president Jean Liu said that Apple’s investment comes as part of an ongoing funding round for Didi that has yet to close. The deal was finalized at “lightning speed,” she says. Liu met Cook for the first time less than a month ago, in Cupertino, California.


 






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