More than two years ago, Uber ended its campaign in China by selling its operations in the mainland to local rival Didi Chuxing in exchange for a stake in Didi and a pile of cash.
Turns out, that may not be the end of the story. Late last week, China’s antimonopoly watchdog said in response to a reporter’s question that it was still currently investigating the merger deal to see if it complies with China’s laws, and taking into account how this is an emerging industry with different characteristics.
China’s antitrust regulators don’t typically announced their decisions, and it’s unclear what this means for the Didi deal. But it certainly raises eyebrows for any initial public offering plans. Didi declined to comment.
A lot has changed since Uber gave up on China in 2016. There are now some 120 ride hailing businesses, even though Didi is by far the biggest national player.