One investor named by Unicom in the fundraising -- rail equipment maker CRRC Corp Ltd -- denied involvement in the deal.
The move is part of the Chinese govt's drive to rejuvenate state behemoths with private capital.
Chin, who joined UBS in 1994 and left in 2015 to pursue academic interests, will take over from Sam Kendall.
The fundraising comes after the startup raised $1 billion at a $11 billion valuation towards the end of 2016
Sequoia is currently pitching to prospective investors.
Didi Chuxing, China's biggest ride-hailing firm, could also join the round.
Funds will be used to expand to at least 5 more large cities.
IPOs & Markets
Pactera could see a $200 million pre-IPO funding round.
Move is part of efforts by China's government to revive state behemoths with private capital.
China Resources and Sinopharm Group are in the race too.
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