HANGZHOU, Feb. 14 (Xinhua) -- Chinese taxi-hailing apps DidiDache and Kuaidi Dache announced merger on Saturday after a year ofbreak-beck competition for market share.
The two firms will retain their own brand and business after themerger. Both Didi and Kuaidi's current CEO will co-chair thenewly-founded company that analysts say could be valued at 6billion U.S. dollars.
Kuaidi holds a 56.5 percent share of China's taxi-hailing appmarket, while Didi accounts for 43.3 percent as of December,according to research consultancy Analysys International.
Didi and Kuaidi has received backing from Chinese internet giantTencent and Alibaba respectively. Enditem
