Uber looking to sell Didi, China market has little transparency, CEO says

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Uber Technologies Inc (UBER.N) is looking to sell stakes in non-strategic assets, including its stake in Didi Global Inc, based in Beijing (DIDI.N). The American company exited China in 2016 after spending more than a billion dollars per year on a price war with Didi. It eventually sold its Chinese operations to Didi in exchange for a stake in the company.

We don’t believe our Didi stake is strategic.” They are a competitor, and China is a difficult environment with little transparency,” Uber CEO Dara Khosrowshahi said during a virtual fireside chat with a UBS analyst. Khosrowshahi stated that the company was not in a hurry to sell the shares. “We look for those kinds of stakes to monetize smartly over time.

 

 

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