Less than two months after Didi Chuxing struck a Uber China acquisition to establish itself as the absolute ride sharing leader in the country, new start-ups are mushrooming left and right trying to take away users as strict new regulations threaten to put Didi under intense pressure.
Everbright Financial Leasing Co., Ltd. today said it would provide RMB5 billion (US$743 million) in capital support to Dingding Yueche, a multi-purpose ride service platform established by Shanghai-listed Pangda Automobile Trade Co., Ltd.
The China Everbright Bank unit did not specify in which format it will provide the capital support, which will be used to help Dingding Yueche gain market share on services including tourism buses, shared rides, car pools, mini-buses, taxi, hourly car rental and car maintenance services.
Yesterday, General Motors Co. m...
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