• China fines Alipay for violating payment services regulations

    2 monthes ago - By Reuters

    The Shanghai head office of China's central bank has levied a fine of 4.12 million yuan on Alipay, the online payment platform of Ant Financial, for violating regulations on payment services, the regulator said on Monday.
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  • China's DiDi Refuels Its Auto Services Business with a $1 Billion Investment

    2 monthes ago - By Fortune

    China's largest ride-hailing service, DiDi Chuxing, is to invest $1 billion in its auto-services business, it announced on Monday. It comes as part of a larger unit rebranding and will be consolidated under a new business called Xiaoju Automobile Solutions Co., according to Reuters.
    This year has seen major changes for the six-year old company, headquartered in Beijing. It was approved to test autonomous vehicles on public roads in California , and made inroads in Latin America and Australia. In 2017, DiDi bought rival Uber's China business.
    Many familiar with DiDi anticipate that it is...
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  • China's Didi pumps $1B into its rebranded driver services business

    China's Didi pumps $1B into its rebranded driver services business

    2 monthes ago - By Tech Crunch

    Didi Chuxing is going pedal to the metal for its automobile services business after it announced it will invest $1 billion into the division, which is also getting a rebrand.
    The Chinese ride-hailing firm had been tipped to spin out the business and raise $1.5 billion from investors ahead of an IPO, according to a recent Reuters report. The business itself hasn't spun out, however, but it has been renamed to Xiaoju Automobile Solutions and given more autonomy with the introduction of its own general manager.
    The division handles services for registered Didi drivers, such as leasing and...
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  • China's Didi to invest $1 billion in its auto services platform

    2 monthes ago - By Reuters

    Didi Chuxing Technology, China's largest ride-hailing service, said on Monday it will invest $1 billion in its auto services business, part of a larger unit rebranding as the company ramps up to a widely anticipated initial public offering .
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