MAVERICK BANKER: China's two most popular taxi-booking apps, Kuaidi Dache and Didi Dache, have announced they would merge to create a new company reportedly valued at US$6bil in a deal brokered by one of China's "most effective rainmakers", Fan Bao .
HONG KONG: When little-known Chinese taxi-hailing app Didi Dache needed US$15mil (RM54.88mil) to grow its business two years ago, a local upstart investment bank stepped in to help it raise the funds from social networking giant Tencent Holdings Ltd.
That paid off last month for Fan Bao, 44-year-old founder of boutique firm China Renaissance, as Didi agreed to merge with bigger rival Kuaidi Dache to create a US$6bil (RM21.98bil) company. Didi tapped Bao to put together the deal, sidestepping Wall Street heavyweights like Goldman Sachs and Morgan Stanley that dominate China's US$347bil (RM1.26tril) M&A market.
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