Shares in ride-hailing giant Didi, which delisted from the New York Stock Exchange a year ago, can now be bought via a platform provided by OTC Markets Group, a U.S. financial services company.
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Uber owns 12.8% of Didi, according to a filing in June by Didi. Our Didi stake we don't believe is strategic. They're a competitor, China is a pretty difficult environment with very little transparency, Uber Chief Executive Dara Khosrowshahi said at a virtual fireside chat with a UBS analyst.
Uber and DiDi, two of the leading ride-hailing services in the world, entered the Chinese market in 2014 and competed fiercely for market share. Despite investing more than USD 1 billion a year, Uber was unable to overcome DiDi's aggressive investment and marketing strategies and consequently merged with DiDi in 2016.
Cooke suggests all ride hailing apps tend to be cheaper than taxis, although large surges can change that. “Without surge, [ride sharing] is 30-40% cheaper than a taxi.”
Didi was founded as Didi Dache in Beijing in 2012 as a taxi-hailing app, later adding private hire. Backed by influential investors, including the internet giant Tencent, it grew rapidly and, in 2015, merged with its competitor Kuaidi Dache, which had investment from another of China's biggest tech companies, Alibaba.