[THE INVESTOR] Mirae Asset Financial Group plans to set up a private equity fund worth 280 billion to invest in China’s car-on-demand giant Didi Chuxing, the company said on April 5.
Mirae Asset will seek to acquire a 0.5 percent stake in Didi Chuxing, whose value reached US$56 billion won as of December 2017. The fund will be managed by Mirae Asset Capital and funded by Mirae Asset Daewoo Securities and other institutional investors.
Naver, Mirae Asset create W200b fund to invest in Asian startups
Didi Chuxing’s investors include SoftBank -- the largest shareholder -- and all three of China’s top internet giants Tencent, Alibaba and Baidu.
The firm was formed from a merger between Didi Dache and Kuaidi Dache. In June 2016, Didi Chuxing acquired Uber to become China’s largest ride-hailing company with 90 percent market share. It services 250 million rides a day.
Last week, Mirae Asset and Naver announced that they are creating a 200 billion won (US$187 million) fund to invest in promising Asian startups with plans to raise the amount up to 1 trillion won in the future.
By Park Ga-young (email@example.com)