ChinaLife put a Strategic Investment on Didi Chuxing

Led by China Life Investment Holding Company Ltd., China Life Insurance has just signed an agreement with Didi Chuxing, the largest ride-hailing app, promising a strategic investment of approximately USD 600 million,which comprises an equity injection of USD 300 million and a long-term debt investment USD 305 million.The two parties are committed to building a comprehensive partnership on Internet-powered financial innovation and other initiatives.

China Life is Chinas largest state-owned commercial insurance conglomerate, with a business scope spanning life insurance, property insurance, pension insurance, asset management, alternative investment and overseas development. China Life Investment Holding Co.Ltd is the professional alternative investment platform of China Life. With over RMB 100 billion under its management, China Life Investment Holding is an active champion for the growth of sharing economy in China and invested in multiple leading internet companies.

In addition, Didi Chuxing and China Life will join hands in developing innovative business models for insurance, comprehensive financial services, market development and corporate mobility solutions to build a safer and more diversified mobile financial ecosystem. The two parties will also collaborate  on investment opportunities in mobile transportation  and related sectors in China and beyond.

Jean Liu, President of Didi Chuxing, said, “China Life is not only a leader in Chinas insurance industry,but also a national pioneer for innovation in the financial services sector,and we believe this strategic partnership will bring long-term value to both parties. Leveraging China Lifes leadership incapital, brand, financial product portfolio and services network, DiDi will develop a more flexible, reliable and enriched value-added mobility experience for our users.

Wang Junhui,President of China Life Investment Holding, said, “An organic integration between our financial and insurance business with the new internet ecosystem is a vital link in the innovation driven growth strategy of ChinaLife. As a technology company with remarkable innovative and execution capacities,DiDi maintains a dominant position in technology innovation and market development. We believe our two companies will achieve strong network synergies and complement arities towards creating more vibrant growth of the emerging ‘Internet Plus’financial sector.”

After four years of expansion, DiDi Chuxing now works with close to 15 million car owners and drivers on its mobile transportation platform to offer taxi hailing, private car hailing, hitch, chauffeur, bus and test drive services to approximately 300 million users in China. The companys data-driven intelligent dispatch system now completes as many as 14 million rides per day. According to China National Network Information Center and other sources, DiDi is now the worlds largest mobile tech-based transportation platform with 87.2% market share in private-car hailing, as wellas dominant positions in other verticals.