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Alibaba, Tencent, car makers set up US$1.5 billion China ride-hailing venture

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Alibaba, Tencent, Suning, and car makers including Chongqing Changan Automobile have set up a US$1.5 billion Chinese ride-hailing venture, a move ...

BEIJING: Alibaba, Tencent, Suning, and car makers including Chongqing Changan Automobile have set up a US$1.5 billion Chinese ride-hailing venture, a move that could test the dominance of ride-sharing giant Didi Chuxing.

Didi, which is backed by Japan's SoftBank Group Corp and Uber Technologies, also has joint ventures with BAIC and Volkswagen. Suning will be the biggest shareholder with a 19 percent stake while Alibaba and Tencent's investment units will together hold the remainder shares with some other funds, it added.

 

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