Ride-Hailing Giant Didi Confirms Rival Uber's Plan to Join Forces

(Beijing) – China's largest ride-hailing company Didi Chuxing confirmed plans to merge with its major rival Uber China on August 1, ending years of intense competition between the two for a stake in the country's growing Internet-based car-hiring industry.

The merger of Didi and Uber Technologies Inc.'s Chinese arm would create a new juggernaut in the domestic market valued at US$ 35 billion with Didi Chuxing's US$ 28 billion and Uber China's US$ 7 billion, multiple sources told Caixin.