–FILE–A Chinese mobile phone user looks at a logo of taxi-hailing app Uber on his smartphone in Shaoyang city, central China’s Hunan province, 10 January 2015.
Car hailing service Uber reportedly halted its first round of fundraising where its goal was US$1 billion which was to be used to focus on expansion in China, according to Chinese web portal Tencent. The plan was for the US$1 billion to be raised, along with another US$1 billion injected by Uber into its Chinese unit, to be used to expand business in China, Tencent’s technology news website said. However, the process was suspended after Uber, Chinese search engine Baidu and other investors failed to reach an agreement on Uber China’s value and their respective stakes in the unit, Tencent said. Despite Uber’s potential in the Chinese market, investors have been concerned about rumors of fake orders and sought to value Uber China at a lower level, sources said. The estimated value of Uber China is in a wide range of between US$5 billion and US$9 billion, the sources said.