By Juro Osawa
HONG KONG--China's homegrown competitor to Uber Technologies Inc. said it received about $600 million from a top Chinese life insurer as part of its latest fundraising operation.
Didi Chuxing Technology Co., China's largest ride-sharing company, said Monday the strategic investment from China Life Insurance Co. (>> China Life Insurance Company Limited) is made up of an equity investment of $300 million and a long-term debt investment of about $300 million.
China Life, the country's largest state-owned commercial insurer, is the latest addition to the list of Didi's powerful investors. Last month, Apple Inc. (>> Apple Inc.) said it invested $1 billion in Didi. Didi's other major investors include Chinese online shopping company Alibaba Group Holding Ltd. (>> Alibaba Group Holding Ltd) and Chinese social-network company Tencent Holdings Ltd. (>> Tencent Holdings Ltd).
China is a crucial market for Uber. But the U.S. company faces fierce competition from Didi, which has a larger share of China's private car-sharing market and also dominates in taxi hailing.
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