Uber China closes $1b funding round

Uber Technologies Inc's China arm has closed its $1 billion fundraising round early, according to two people with knowledge of the matter, with investors still hopeful for the United States-based ride service despite strong domestic competition.

Investors in Uber's China unit include Internet giant Baidu Inc, China CITIC Bank Corp Ltd and China Life Insurance Co Ltd, among others, said one of the people, requesting anonymity because they were not authorized to discuss the matter publicly.

Chinese financial conglomerate Ping An Insurance (Group) Company of China Ltd's investment arm and Hillhouse Capital, which has a stake in the main US-based Uber business, also took part, the person said.