This remarkable article provides back story on how a boutique Chinese investment bank convinced Kuadi Dache (backed by Alibaba) and Didi Dache (backed by Tencent) to agree to China’s biggest Internet merger. The merger created a credible competitor to market-leader Uber.
Among the interesting facts from the story:
- The Chinese government expects 850m Chinese to be online by the end of this year.
- Three of China’s richest people are Internet entrepreneurs: Alibaba’s Jack Ma at #2, Tencent’s Ma Huateng at #3, and Baidu’s Robin Li at #4.
- Beijing, a city with a population of 21.5 million people, is home to 20 tech companies valued at more than $1billion each.