Hillhouse Capital Group is leading a round of investment in Uber that could go as high as US$1 billion in a move that would have the Chinese fund manager owning significant stakes in both the American transport app firm and its chief China rival – also the largest taxi-hailing app on the mainland – Didi Kuaidi Joint Co., The Wall Street Journal reported, citing unnamed sources. The deal itself entails purchasing bonds that would convert into shares at a discount to Uber’s eventual IPO price. For more on Uber’s sometimes fraught presence in China, see our recent in-depth report.
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