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Friday, 24 June 2016, 11:01 HKT/SGT
Poly Group Invests US$400 Million in Didi Chuxing, Valuation Close to US$28 Billion

BEIJING, June 24, 2016 - (ACN Newswire) - Poly Group, one of China's leading state-owned trading and real-estate conglomerates, invested a total of US$400 million in Didi Chuxing, China's largest rideshare platform, through a joint venture fund. The investment translates into a shareholding of close to 1.45%, bringing Didi's valuation to above US$27.6 billion.

Didi Chuxing claims over 85% of China's ridehailing market.

In an email response to Jiemian (http://www.jiemian.com/article/707661.html), a Chinese online media, a spokesperson of Poly Capital Management confirmed PCM is the manager of the two PE funds dedicated to an investment in Didi. One of the two is an RMB fund of an amount not exceeding RMB2.5 billion, the other a USD fund of a size not exceeding US$100 million.

Poly Real Estate and Poly Investment Holdings, two further Poly affiliates, took part in the RMB fund investment. Poly Group, one of China's largest State-owned trading and industrial conglomerates, is the substantial controller of all three entities.

Didi Chuxing offers taxi, private care and other mobile transportation services in over 400 cities in China. It claims over 85% of China's ride-hailing market and completes as many as 14 million rides per day.

Topic: Press release summary
Sectors: Daily Finance, E-commerce, Automotive, IT Individual, Travel & Tourism, Daily News, FX & Digital Currencies, Alternatives, FinTech/Chains, Venture Capital
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