Rumor: Uber China to IPO

Tencent Tech, 7/14/15

An industry source recently revealed that based on documents given to a potential Chinese investor, US car hire service Uber's China subsidiary plans to raise USD 1 bln in funding for an IPO. It is planning to list on one of mainland China's or Hong Kong's stock exchanges in early 2016, potentially even before Uber's parent company.

The source also revealed that Chinese internet company Baidu (Nasdaq: BIDU) will take part in the funding, investing up to USD 100 mln. Tencent Tech previously learned that Baidu owns approximately 1.5% of Uber's global business, and has at least a 10% stake in Uber China. Baidu Maps vice president Liu Jun is also currently a director at Uber China.

Editor's Note: For more information on this topic, please see "Rumor: Uber to Raise USD 1 Bln for China Business," MD 7/08/15 and "Baidu Confirms Investment in Uber," MD 12/17/14 issues.

Keywords: funding ridesharing Liu Jun IPO wireless Baidu BIDU Uber car hire app

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