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Didi invests in Brazilian car-hailing company

By Sun Wenyu (People's Daily Online)    10:27, January 06, 2017

China's largest ride-sharing company Didi Chuxing signed a cooperation agreement on Jan. 5 with its Brazilian counterpart, 99 (formerly known as 99 Taxis), in a bid to become the world's largest ride-hailing service provider. According to the agreement, Didi will be a "strategic investor" of 99 and join the board of the Brazilian company.

In addition, Didi will provide strategic support to 99, including that related to techniques, products, operating experiences and business plans. The support is intended to promote 99's expansion across Brazil and Latin America.

Peter Fernandez, 99's CEO, believes that the capital, techniques and operation experience of Didi will play a significant role in 99's future development. Cheng Wei, president of Didi, said that ride-sharing will see steady development in emerging markets like China and Brazil, where economic transition and urbanization are currently unfolding.

Internet analyst Ding Daoshi told Thepaper.cn that Didi's investment in 99 is a move to distribute its risks during development. He predicted that Didi will further invest in the Southeast Asian, European and American markets.

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