Uber Chief Executive Travis Kalanick has said the company was losing $1 billion a year in China; eliminating those... Uber Technologies Inc.’s recent sale of its China business for $1 billion while acquiring about 20% of rival Didi Chuxing Technology Co. has been widely hailed as a potential step toward an initial public offering. That is true.

Source: Wall Street Journal August 07, 2016 18:11 UTC