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Uber China reportedly closes $1 billion funding round

Uber has reportedly finished a funding round of $1 billion in China, according to Reuters, citing people familiar with the matter.

The investors include Hillhouse Capital, Baidu, China CITIC Bank, China Life Insurance and Ping An Insurance, the publication reported.

Uber reportedly started the fundraising in China two months ago, Re/Code reported. A competitor in the country, Didi Kuaidi, meanwhile, raised $2 billion in two weeks earlier in the summer.

Per the publication:

The deal was oversubscribed, said the second source directly familiar with the fundraising. According to a fundraising document seen by Reuters last week, this round values UberChina at $7 billion, with the unit planning to list on the mainland by 2020.

The news comes as Uber began leasing cars to UberX drivers at the end of last month. Meanwhile, in New York City, there’s an app released that allows yellow cabs to compete directly with the ride-sharing service.