In brief: Alibaba, Tencent, carmakers challenge Didi with ride-hailing venture

• Alibaba, Tencent, Suning, and carmakers including Chongqing Changan Automobile have set up a US$1.5 billion Chinese ride-hailing venture, a move that could test the dominance of ride-sharing giant Didi Chuxing.
• China is home to the world’s largest ride-hailing market, estimated by consulting firm Bain & Company to be worth US$23 billion.
• Of that, Didi Chuxing takes 90 percent of all bookings.

Source: Reuters