China’s Uber rival Didi Chuxing raises $600 million from China Life Insurance

(Reuters) – Chinese car-hailing app Didi Chuxing said on Monday it had received an investment of about $600 million from China Life Insurance Co Ltd, boosting resources to fund its battle with Uber just a month after it raised $1 billion from Apple Inc. The latest fund-raising comes with China's top ride-hailing company locked in a struggle to fend off its global rival's march into China. Uber raised $3.5 billion from Saudi Arabia's sovereign wealth fund in new resources earlier this month. "The two parties will also collaborate on investment opportunities in mobile transportation and related sectors in China and beyond," the statement said.

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