He will be closely watched now as he looks to turn his vast, money-losing ride-hailing company into a meaningful business. “I encouraged Uber to invest in Didi because China’s not an easy market to crack, but it was too early for Uber,” he said. Chinese media have reported that Didi users and drivers fear the company’s virtual monopoly will mean pricier rides and lower wages. Beijing: Cheng Wei, 34, was once assistant to the head of a foot massage firm. GGV’s Tung says Cheng is “jianghu’, which translates as having a ‘wild toughness’ or someone who has a ‘rule of the jungle’ mentality.

Source: Mint August 12, 2016 09:20 UTC