, Columnist
Uber Gets a China Ride It Can't Cancel
Exposure to a stodgy state-backed telecom operator wasn't the plan.
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Uber Technologies Inc. investors have a lot on their plate, from a leadership vacuum to scandals around gender discrimination. Now, a stodgy state-backed Chinese telecom operator has been added to the mix.
Ride-hailing giant Didi Chuxing, which counts Uber as a backer, will join JD.com Inc., Tencent Holdings Ltd. and Alibaba Group Holding Ltd., along with a handful of other investors, to buy a 35 percent stake in Shanghai-listed China United Network Communications Ltd. in a deal that will raise almost 78 billion yuan ($11.7 billion), according to an announcement late Wednesday.