Alibaba Denies Investing in Chinese Car Hire Service Ucar

Tencent Tech, 3/24/16

Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA) has denied media reports it recently invested in Chinese car hire service provider Ucar, explaining that the company is happy with its current partnership with Didi Kuaidi, operator of mobile taxi and car hire app Didi Chuxing. Furthermore, Alibaba has no new plans in the transportation sector apart from continuing to support Didi Chuxing's growth.

A spokesperson for Ucar also denied any knowledge of the rumored investment.

Tech news aggregator Langjing TMT reported earlier that it had obtained a copy of a list of stakeholders in Ucar, signed and stamped by Ucar legal representative Lu Zhengyao, from the company's investor relations department. The sheet indicated that Alibaba acquired 67.194 mln shares through two intermediate companies on March 14, 2016 for a total stake of 9.8%.

Langjing TMT also reported that the investment valued Ucar at nearly RMB 30 bln.

Keywords: wireless Alibaba Group BABA UCAR Didi Kuaidi car hire app Didi Chuxing M&A valuation high-end

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