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Ministry slams subsidies by car-hailing apps, vows better regulatio

The chief of transport authority on Monday criticized subsidies car-hailing applications are offering to their users, pledging to better regulate for-profit rides by private cars. Yang Chuantang, head of the Transport Ministry, said giving subsidies is a "short-term move" and imposes "unfair competition" on traditional taxi business. "The purpose (of

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Didi Kuaidi raises $2 billion in latest financing round

BEIJING – Didi Kuaidi, China’s largest taxi-hailing service provider said on July 8 that it had raised $2 billion in the latest financing round, increasing its cash reserves significantly to $3.5 billion, reported China Daily. Existing stakeholders such as Alibaba, Tencent, Temasek and Coatue Management and several other globally renowned

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Internet companies and automakers should embrace each other

Internet companies and automakers should embrace each other as they are not adversaries, according to Shen Feng, vice president in charge of R&D for Volvo Cars China. “Only customer-oriented companies with spirit of innovation can keep moving forward,” Shen said. Rong Hui, assistant to president of BAIC Motor, said that

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China tech firms shake up world’s biggest car market

  By Relaxnews Chinese technology giants Alibaba and Tencent are promising to build the cars of the future, vehicles linked seamlessly to the Internet and offering shopping and navigation help while on the road. E-commerce company Alibaba and WeChat messaging app provider Tencent have both announced plans for cars in

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Kuaidi Dache receives $600 million investment

HANGZHOU, Zhejiang – Kuaidi Dache, a taxi service platform owned by Hangzhou Kuaidi Science and Technology Co., Ltd. (Kuaidi), has raised $600 million investment in a recent round of financing, the first large financing in mobile Internet sector in 2015, according to a report on donews.com. Investors include Softbank Group,

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Didi Dache receives $700 million investment

BEIJING – Didi Dache, the leading mobile-based transportation service provider in China, has received an investment worth more than $700 million, Beijing Xiaoju Tech Co., Ltd. announced on December 9. Singapore-based investment company Temasek, DST Global, as well as Tencent, China’s leading Internet company, were involved. This marks the single

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China’s Autohome drives ad sales from web car content

Autohome, China's leading auto-content Web company, has had a bumpy stock ride since it went public in the U.S. in December -- not unlike a lot of other volatile China-based stocks that trade here. <a target="_top" href="http://adclick.g.doubleclick.net/aclk%253Fsa%253DL%2526ai%253DBQ7pN4PT3U_zXJefe0AGlxIDgAdzL9JMFAAAAEAEgADgAWISOl-KlAWDJ_uqIhKSAEYIBF2NhLXB1Yi0xNTg0MTA5OTcwODQ2NTY3sgEOd3d3Lm5hc2RhcS5jb226AQlnZnBfaW1hZ2XIAQnaAVtodHRwOi8vd3d3Lm5hc2RhcS5jb20vYXJ0aWNsZS9jaGluYXMtYXV0b2hvbWUtZHJpdmVzLWFkLXNhbGVzLWZyb20td2ViLWNhci1jb250ZW50LWNtMzgzMjEywAIC4AIA6gIgMzI0NC9ta3RzbmV3cy5uYXNkYXEuY29tL2FydGljbGX4AvLRHpAD4AOYA-ADqAMB0ASQTuAEAaAGIA%2526num%253D0%2526sig%253DAOD64_0cCxUDHY_cTGq0VQWLp2aE1F5bDA%2526client%253Dca-pub-1584109970846567%2526adurl%253Dhttp://screener.fidelity.com/ftgw/etf/goto/snapshot/snapshot.jhtml%3Fsymbols%3DONEQ"><img src="" border="0" alt="" ></a> Sharp share gains have been

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