ChinaTravelNews – One of China’s most popular microblogs Sina Weibo is investing US$142 million for an as yet undisclosed equity share in Didi-Kuaidi on May 27.
Twitter like blog service Sina Weibo started online operations in April 2002 and listed on NYSE on April 17 2014. Its main competitor in Tencent Weibo which is a similar online blog service run by IT giant Tencent.
Coatue Management led Didi-Kuaidi’s latest round of financing in April this year which totaled around US$600 million and brought the company’s total valuation to US$8.75 billion.
Despite this latest boost, Didi-Kuaidi’s estimated valuation is still far lower that rival US taxi hailing app Uber’s US$41 billion estimated value(Translation by David)
