Uber China closes $1 billion fundraising early image

Uber Technologies Inc’s China division closed it $1 billion fundraising round early, with investors hopeful for the riding service despite domestic competition, according to two persons with knowledge on the subject.

On the list of investors in Uber’s Chinese unit there are: Hillhouse Capital, which is Asia’s biggest hedge fund, Chinese Internet giant Baidu Inc., China CITIC Bank Corp Ltd, China Life Insurance Co Ltd, Ping An Insurance Group Co of China, as the same sources stated.

A spokeswoman for Uber did not comment on the subject.

A second source familiar with the fundraising said that the deal was over applied, and according to a document seen by Reuters, this round values Uber China at $7 billion, and the unit is planning to list in New York by 2020.

Back in July, the car-booking company was reported to raise as much as $1 billion in funding for its Chinese business. Baidu Inc., a Beijing-based Internet company, which is an investor in Uber’s global operations, was planning on buying a new stake in the Chinese unit, according to sources who preferred to remain anonymous.

Kristin Carvell, a spokeswoman for Uber said by email then “We cannot comment on specific numbers, but we’ve seen tremendous enthusiasm -greater than expected -from investors both in terms of the amount invested and the total valuation.”

The American network company is keeping busy, as it has recently been looking to develop self-propelled cars, by partnering with optics experts from a University in the U.S. The company plans to work with researchers from the University of Arizona’s College of Optical Science in its attempt to get closer to robotic taxis.