Didi Chuxing, formerly known as  Didi Kuaidi, is a Chinese transportation network company headquartered in Beijing. It provides vehicles and taxis for hire in China via smartphone applications. Formed from the merger of rival firms Didi Dache and Kuaidi Dache (backed by the two largest Chinese Internet companies, Tencent and Alibaba respectively), it is valued (as of February 2016) at approximately US$20 billion. Its closest ride-hailing app rival in mainland China, Uber China, is valued at approximately US$8 billion.

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As part of a latest development, Apple Inc has invested $1 billion in Chinese ride-hailing firm Didi Chuxing, earlier known as Didi Kuaidi, in a deal that gives the tech giant a stake in Uber Technologies Inc’s main competitor in the world’s second-largest economy.

The deal with Apple is the single-largest investment Didi Chuxing has ever received, the Chinese company said in a statement. Apple’s investment is part of a larger round in which a group of Chinese and international institutions also took part.

Apple joins China’s Tencent and Alibaba Group in making a strategic investment in Didi Chuxing. The development comes at a time when Apple has been striving to boost sales in China, its second-largest market after the US.

While speaking about the development, Tim Cook, Apple’s CEO, mentioned,

“DiDi exemplifies the innovation taking place in the iOS developer community in China,”

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