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Alibaba, Tencent Back New Chinese Ride-Hailing Venture

Alibaba and Tencent are teaming up with China’s biggest automakers to create a ride-hailing venture, in a potential challenge to Didi Chuxing. Changan Automobile said in a regulatory filing that it is investing in a new venture that aims to become “China’s most trusted mobility service company.” Other investors include automakers Dongfeng Motor and FAW Group, as well as Alibaba, Tencent and...

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The Investors Who Face Big Losses From the Quibi Collapse
The Investors Who Face Big Losses From the Quibi Collapse

On Wednesday, video startup Quibi told its investors that it will shut down, a dramatic collapse of a digital media startup that launched just six months ago. Now those investors—from Quibi CEO Meg Whitman to Google, Facebook and J.P. Morgan—are facing losses and figuring out what they may recoup from the flop.

Quibi revealed to investors Wednesday afternoon that, after paying ...

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