In 2016, Uber sold its China operations to Didi Chuxing in exchange for a stake in the Chinese ride-hailing company. But three years later, Uber’s IPO filing shows the deal with Didi hasn’t actually been approved by China’s antitrust authorities, highlighting how Beijing could still pose a challenge even after the U.S. company has pulled out of the market.
This raises questions about how secure Uber’s current stake in Didi is. As of September, Uber owned a 15.4% stake in Didi, worth $7.95 billion, according to the U.S. company’s estimates in the IPO filing.
Uber said in the filing that the review of the 2016 deal by Chinese antitrust authorities is “still ongoing and it is not clear how or when that proceeding will be resolved.”