Uber sells Chinese operations to Didi Chuxing

Uber has agreed to sell its Chinese business to rival Didi Chuxing. The taxi-booking app will retain separate branding in the country, with Uber also taking a 5.9 per cent stake in the combined company. Didi Chuxing - which is backed by internet giants Tencent and Alibaba - dominates the taxi-booking sector in China with nearly 90 per cent of the market.