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Uber sells its China operations to Didi Chuxing, its bigger local rival, in a deal that gives Uber a 20% stake in Didi and values the merged entity at around $35 billion. This move allows Uber to focus on other markets while partnering with Didi to navigate the challenging Chinese ride-hailing industry. Uber CEO Travis Kalanick joins Didi's board, while Didi's chief Cheng Wei joins Uber's board.
Sunday, 31 July, 2016