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Uber China Raises Financing at $7 Billion Valuation

The China division of the ride-hailing giant raised cash from local investors to fund its ongoing battle with local rival Didi Kuaidi.

Uber said its China division has raised financing that values that part of the ride-hailing company's operation at $7 billion. Travis Kalanick, Uber's chief executive officer, discussed the new funds at a press conference in Beijing on Monday.

Backers of Uber China include HNA Group, operator of China’s fourth-largest airline; China Taiping Insurance Holdings; Guangzhou Automobile Group; China Life Insurance, the nation's largest insurer; and Citic Securities, a Chinese investment bank. Uber has been looking for a person to run its Chinese operation for months but has yet to name someone. Liu Zhen, who reports to Kalanick, will continue to run the business in the meantime.