Uber insists funding round 'going as well as we expected'

Car-hailing platform Uber Technologies Inc said its latest fundraising efforts in China are "going as well as we expected", and will disclose details to the public when appropriate.

Responding to media reports that Uber China had shelved plans to raise capital from potential backers, due to disagreements over its valuation, the company also insisted in a text-message statement to China Daily: "We are dedicated to a long-term development in China."

The company is believed to be attempting to raise $1 billion to expand its presence in the booming market.