BEIJING, Jun 24 – Poly Group, one of China’s leading state-owned trading and real-estate conglomerates, invested a total of 400 mm USD in Didi Chuxing, China’s largest rideshare platform through a joint venture fund. The investment translates into a shareholding close to 1.45%, bringing Didi’s valuation to above USD 27.6 billion.
In an email response to Jiemian (http://www.jiemian.com/article/707661.html), a Chinese online media, a spokesperson of Poly Capital Management confirmed PCM is the manager of the two PE funds dedicated to an investment in Didi. One of the two is an RMB fund of an amount not exceeding 2. 5 billion, the other a USD fund of a size not exceeding 100 mm.
Poly Real Estate and Poly Investment Holdings, two other Poly affiliates took part in the RMB fund investment. Poly Group, one of China’s largest State-owned trading and industrial conglomerates, is the substantial controller of all three entities. Didi Chuxing offers taxi, private care and other mobile transportation services in over 400 cities in China. It claims over 85% of China’s ride-hailing market and completes as many as 14 million rides per day.