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Another fun fact: Jen Liu, Uber’s China head of strategy, is the niece of Lenovo founder Liu Chuanzhi.
Good old state-sponsored family business. It's called Chaebol (재벌) in Korea, Zaibatsu (財閥) in Japan, is there a name for it in modern China?
They are children and in-laws of of influential "communists" who regularly end up as generals, CEOs and heads of NGOs in their thirties.
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"The major Chinese cities generally have very developed and efficient systems of mass public transit, reducing demand for rideshares (and cars in general)" This depends on your frame of reference. If you're comparing with SF, sure. If you're comparing with London or New York, less so. In London, the underground is faster than private car for many (most?) daytime journeys. In Beijing and Shanghai, a private car is alm…
Lived in Beijing for 2 decades. I think in Beijing and Shanghai, a private car is almost always slower than their subway systems. Beijing subway network has 18 lines, 334 stations and 554 km (344 mi) of track in operation and is the second longest subway system in the world after the Shanghai Metro (588 kilometres). Beijing subway also has extensive expansion plans call for 1,050 km (650 mi) of track by 2020. https:/…
China is a huge, closed economy .. where doing business in the country means buying into powerful business families. Money stays within the family!
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Good old state-sponsored family business. It's called Chaebol (재벌) in Korea, Zaibatsu (財閥) in Japan, is there a name for it in modern China?
"Taizidang" (太子党) - the Party Princelings. They are children and in-laws of of influential "communists" who regularly end up as generals, CEOs and heads of NGOs in their thirties. https://en.wikipedia.org/wiki/Princelings
Merge is such a cute word. "Uber lost China and had to sell to Didi" is more like it
Or Uber invested $2bn and walked out with $7bn. Not a bad deal. Plus the value of the combined entity will skyrocket.
Does that $2bn 'investment' figure include the $1bn/year losses they were incurring competing with Didi? Uber ploughed in more than $2bn into China, and got less than $7bn (as sibling comment says, the $7bn is not all going to Uber).
I agree on the second point - the value of whatever percentage Uber owns is likely to go up.
For people living in Beijing, this is really a bad news. Didi and Uber China have been in fierce competition for quite a long time, both of them gave consumers HUGE discount. For example, Uber is showing me a promotion which I can go as far as 5 KM around at the cost of just 5 RMB (0.75$). After merging, I'm afraid we won't see such a low price anymore.
> From disruption to state-sanctioned monopoly in the blink of an eye. Welcome to the Chinese internet
> http://www.wsj.com/articles/uber-in-china-why-foreigners-nev...
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And of course infamously Google and Facebook dominate most of the planet, but can't compete in China (and Baidu can't manage to do much outside of China).
Its even worse than that: Myanmar, Cambodia, Vietnam, ... most of China's neighbors who are just getting into the internet now...are strictly Facebook/Google territory, Chinese internet companies can't even compete in their backyard.