Uber Is Letting Its Rival Take Over China
Uber's Chinese operations will merge with Didi Chuxing.By Ryan Biek | August 1, 2016
Uber is bowing out in China.
The San Francisco-based ride-hailing company is letting its Chinese operations merge with its main rival in that region –– Didi Chuxing.
The new, combined company is expected to be worth $35 billion, and Uber China will still own roughly 20 percent of the operations. That seems like a pretty good deal, since it was only controlling, at most, 20 percent of the ride-hailing market there.