State-owned China Post Group invests in Didi Chuxing

Dancing grannies in China

By Shiwen Yap

August 18, 2016

State-owned enterprise China Post Group has made an investment into Chinese ride-hailing service Didi Chuxing, which recently merged with Uber China in a deal that saw the latter acquiring a 20 per cent stake in the Chinese ride-hailing company.  Financial terms of the strategic investment were undisclosed.

According to the two companies, the investment and partnership will see the integration of resources and combined operational experience.

Didi’s Founder and CEO Cheng Wei stated: “China Post Group is a well established brand in China, and its has service chains across the country. Through cooperating with it, Didi will develop a more reliable, and enriched mobility experience for our users.”

To date, state firms like China Life, China Merchants Bank, and Baic Motor Corporation Ltd. have participated in Didi Chuxing’s equity financing rounds. The investment by Apple earlier this year is also credited with strengthening Didi Chuxing’s market leadership and its acquisition of Uber’s China assets and operations.

In June 2016, Didi Chuxing concluded a $7.3-billion funding round that saw participation from Apple, China Life Insurance, Alibaba-backed Ant Financial and other new investors at a post-money valuation estimated at $28 billion. Combined with backing from Alibaba Group and Tencent, as of June 2016 Didi Chuxing claimed to possess $10.5 billion in available funds.

According to 2015 year-end data, it has a registered user base of 300 million people and 15 million registered drivers across 400 Chinese cities, with more than 16 million trips completed daily on Didi’x platform.

“Internet-related industries have grown fast.Leveraging emerging platforms in innovative technology and business models, our company will seek to transform from traditional business,” said Li Guohua, general manager of China Post Group.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW