April 26, 2024

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[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. 

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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 (gypark@heraldcorp.com)