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.