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June 15, 2016, 10:33 p.m. EDT

China’s Uber rival, Didi Chuxing, raises $7 billion in latest round

Ride-hailing company valued at more than $25 billion

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By Juro Osawa and Rick Carew


Reuters
Didi Chuxing dominates China’s ride-hailing business.

HONG KONG — China’s homegrown competitor to Uber Technologies Inc. has raised $7 billion in its latest fundraising effort, giving it a host of powerful allies including Apple Inc. to fend off the global ride-hailing champion locally.

Didi Chuxing Technology Co., the country’s biggest ride-sharing company, closed a $4.5 billion fundraising round that attracted $1 billion from Apple /zigman2/quotes/202934861/composite AAPL -2.09%  and $600 million from China’s top life insurer, according to people familiar with the situation. The round values the company at more than $25 billion, they said.

In addition, Didi has secured a $2.5 billion debt package from China Merchants Bank Co. /zigman2/quotes/209899244/delayed HK:3968 +6.60%  , according to one of the people.

The fundraising will leave Didi flush with cash to help it battle Uber in China’s competitive ride-hailing market. Didi will now have more than $10 billion in cash on hand following the new fundraising round through equity and debt, according to one of the people.

An expanded version of this report appears on WSJ.com.

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