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Didi Chuxing gets funded by China Life Insurance
Online Edition
China’s largest ride-hailing application Didi Chuxing said it received a strategic investment of approximately US$600 million from China Life Insurance (“China Life”), including an equity investment of US$300 million and a long-term debt investment US$305 million.
The two parties are also planning to build a comprehensive partnership on internet-related financial innovation and other initiatives, according to a joint statement today.
The announcement came less than a month after Apple’s US$1 billion investment in the Chinese company.
Local ride-hailing applications are seeking more capital support to fend off its global rival Uber, which raised $3.5 billion from Saudi Arabia's sovereign wealth fund earlier this month.
China Life was also an investor in Uber China, an independent entity set up by the San Francisco-headquartered company.
The strategic investment from China Life also adds to the rank of DiDi’s existing Chinese investors, which include Tencent, Alibaba, China Investment Corporation, China Merchants Bank, Ping An Ventures.
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