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Foxconn invests in start-up Didi Chuxing


09-09-2016 19:33 BJT

Chinese Taiwan's Foxconn - the world’s biggest electronics contract manufacturer - is investing in ride-hailing firm Didi Chuxing.

The investment amounts to nearly 120 million US dollars. The deal could value the Beijing-based start-up at about 33.8 billion US dollars. Foxconn said its subsidiary Foxteq Holdings Inc would own 0.355 percent of the company.

Didi's investors include global tech giant Apple; and Chinese firms Tencent, Alibaba and Baidu. The ride-hailing company last month said it would buy the Chinese unit of rival Uber after two-years of competition. The US firm gets a one-fifth stake in Didi because of the deal. 

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