Uber Suffers Setback in China

"Uber Technologies Inc. is selling its China operations to fierce rival Didi Chuxing, ending an expensive price war and freeing it up to focus on other markets and possibly an initial public offering," report Eric Newcomer and Selina Wang. The article sums up the terms of the deal:

Didi is buying Uber’s brand, business and data in the country, the Chinese company said in a statement. Uber Technologies and Uber China’s other shareholders, including search giant Baidu Inc., will receive a 20 percent economic stake in the combined company. Didi founder Cheng Wei and Uber Chief Executive Officer Travis Kalanick will join each other’s boards.

Josh Horwitz was working hard in the early hours of the morning to report on development. Horwitz sums it up thusly: "A long-running battle in China between two powerful internet companies is over—and ride-hailing giant Uber has lost." The headline of a second, separate article by Horwitz makes another sweeping statement: "China's Uber rival now owns a stake in every major ride-hailing company on Earth."