“Apple Inc. is investing $1 billion in Chinese ride-sharing service Didi Chuxing, which dominates Uber Technologies Inc. in the world’s biggest market,” Lulu Yilun Chen reports for Bloomberg.

“The Beijing-based company’s chief executive officer is Cheng Wei, a former employee of Alibaba. He recruited Jean Liu from Goldman Sachs Group Inc. to be chief operating officer of Didi Dache in 2014, and she was named president in February 2015,” Chen reports. “In addition to Apple, its investors include DST, Tiger Global Management, SoftBank Group Corp. and Temasek Holdings Pte.”

“The app completes more than 11 million rides a day — or 127 rides a second — and is the second-biggest platform for online transactions in China after Alibaba’s Taobao shopping mall,” Chen reports. “Didi said it has 99 percent of the market for taxi-hailing apps and 87 percent of the private car-hailing services. It works with 14 million registered drivers in more than 400 cities, and it broke even in about half of those locations.”

Much more in the full article here.

MacDailyNews Take: Yeah, yeah. It’s China’s Uber. Now, about those movie and book sales in China… 😉

SEE ALSO:
Apple invests $1 billion in Chinese ride-hailing service Didi Chuxing – May 12, 2016