2016-06-24

China’s leading state-owned trading and real-estate conglomerate Poly Group today announced that it has invested a total of US$400 million in Didi Chuxing, through a joint venture fund. The investment translates into a shareholding of close to 1.45 per cent, bringing Didi Chuxing’s valuation to above US$27.6 billion.

Poly affiliates Poly Real Estate and Poly Investment Holdings took part in the RMB fund investment.

A Poly Capital Management (PCM) spokesperson confirmed to Jiemian that PCM is the manager of the two PE funds dedicated to an investment in Didi Chuxing. One of the two is an RMB fund of an amount not exceeding RMB2.5 billion (US$378 million), the other a USD fund of a size not exceeding US$100 million.

Also Read: Watch this space: Didi Chuxing reportedly eyes for US IPO in 2017

Didi Chuxing has been making headlines since it announced investment from tech giant Apple in May.

Apple claimed that the investment was a way for the company to “better understand the critical Chinese market,” as CEO Tim Cook stated to CNBC.

Since then, Didi Chuxing has been announcing several other investments such as a US$200 million from China Life Investment Holding, who also invested in Didi Chuxing’s biggest competitor Uber.

Prior to the announcement of today’s investment, Didi Chuxing’s investment round was closed at US$7.3 billion.