Didi Chuxing to acquire UberChina
Combined resources to promote healthy development of the rideshare industry
August 1, 2016, Beijing – Didi Chuxing today announced a strategic agreement with Uber under which Didi Chuxing will acquire all assets of UberChina--including its brand,business operations and data--for operation within mainland China. This landmark transaction signals a new stage in the development of China’s rideshare industry.

In exchange for the UberChina assets, Uber will receive 5.89% of the combined company with preferred equityinterest which is equal to a 17.7% economic interest in Didi Chuxing. In addition, Baidu and other Chinese shareholders will receive a 2.3% economic interest in Didi Chuxing. Under the agreement, Didi Chuxing will also obtain a minority equity interest in Uber.Cheng Wei, founder and chairman of Didi Chuxing, will join the board of Uber.Travis Kalanick, founder of Uber, will join the board of Didi Chuxing. Additional terms were not disclosed. With this transaction, Didi Chuxing becomes the only company with common investment from Tencent, Alibaba and Baidu.

Under the agreement:

Uber China will maintain independent branding and business operations to ensure stabilityand continuity of service for passengers and drivers;

Didi Chuxing will integrate the managerial and technological experience and expertise of the two teams, to meet China’s ever richer transportation demands with more value-added solutions;

Didi Chuxing will work with regulators, peers and stakeholder groups to continue educating the market to build a healthy environment in support of the growth of China’s mobile internet industry and the nation’s economic development program; and

Didi Chuxing will continue to work with global partners in connecting local resources to create the best possible cross-border ridesharing experience for their users.

Cheng Wei, founder and CEO of Didi Chuxing, said, “Didi Chuxing and Uber have learned a great deal from each other over the past two years in China’s burgeoning new economy. As a technology leader deeply rooted in China, Didi Chuxing is constantly pushing the frontier of innovation to redefine the future of human mobility. This agreement with Uber will set the mobile transportation industry on a healthier, more sustainable path of growth at a higher level. Didi Chuxing commits all our energy to work with regulators, users and partners to meet the transportation, environmental and employment challenges of our cities.”

Jean Liu, President of Didi Chuxing said, “Over 15 million drivers and 300 million registered users have joined DiDi’s open, sharing-based ecosystem that connects people, cars and lifestyles. With the addition ofthe strong talents and experience of the UberChina team, Didi Chuxing will be even better-positioned to serve the Chinese people. Didi Chuxing will also continue to expand its international strategy. We look forward to working with our partners at home and abroad to create more value for drivers, passengers and communities.”

As China goes through the world’s greatest urbanization process, sharing economy initiatives have seen tremendous growth under the aegis of the country’s innovation-friendly Internet Plus strategy. The still-fledgling rideshare market for the 1.3 billion population is showing unrivalled momentum. On July 28, China’s Ministry of Transportation issued the Preliminary Rules on the Management of Online Car-Booking, the world’s first national-level legislation to legalize ridesharing. We look forward to achieving the tremendous possibilities for drivers, riders and cities at this new dawn of opportunities.

Didi Chuxing Receives USD 1 Billion Strategic Investment from Apple
[May 13, 2016, Beijing] Didi Chuxing (“DiDi” or “the Company”), the world’s leading one-stop mobile transportation platform, announced today important progress in its latest fundraising round. Among a group of prestigious Chinese and international institutions, Apple has invested USD1 billion in DiDi, creating the single largest investment the Company has ever received.

Through this investment, Apple becomes a strategic investor of DiDi, and joins Tencent, Alibaba and other key supporters to help further DiDi’s mission of building a data-driven rideshare platform to serve hundreds of millions of Chinese drivers and passengers.


CHENG Wei, founder and CEO of DiDi, said, “The endorsement from Apple is an enormous encouragement and inspiration for our four-year-old company. DiDi will work hard with our drivers, riders and global partners, to make available to every citizen flexible and reliable mobility choices, and help cities solve transportation, environmental and employment challenges.”

“DiDi exemplifies the innovation taking place in the iOS developer community in China,” said Tim Cook, Apple’s CEO. “We are extremely impressed by the business they’ve built and their excellent leadership team, and we look forward to supporting them as they grow.”

Building on its data mining and analysis capabilities, DiDi now completes over 11 million rides a day on its platform, serving close to 300 million users across over 400 Chinese cities with a diverse range of mobile technology-based transportation options. DiDi works with over 14 million Chinese car-owners and drivers, holding over 87% market share in private car-hailing and over 99% market share in taxi-hailing.

As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart - tk

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