An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event event in Hong Kong, China December 29, 2015. REUTERS/Tyrone Siu
BEIJING: Uber Technologies Inc's China unit boosted its valuation to US$8bil (RM35.07bil) after it raised more than US$1bil (RM4.38bil) in its latest funding round, although the US ride-hailing app is not yet profitable in the mainland due to intense competition.
Uber and its larger China rival, Didi Kuaidi, have spent heavily to subsidise rides to gain market share, betting on China's Internet-linked transport market becoming the world's biggest.
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