BEIJING/SHANGHAI (Reuters) - Uber Technologies Inc's [UBER.UL] 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 U.S.-based ride service despite strong domestic competition in the car-hailing market.
Investors in Uber's Chinese unit include Hillhouse Capital, Asia's biggest hedge fund, Chinese Internet giant Baidu Inc (NASDAQ:BIDU), China CITIC Bank Corp Ltd, China Life Insurance Co Ltd, Ping An Insurance Group Co of China among others, said one of the people.
A spokeswoman for Uber declined to comment.
The deal was oversubscribed, said the second source directly familiar with the fundraising. According to a fundraising document seen by Reuters last week, this round values Uber China at $7 billion, with the unit planning to list on the mainland by 2020.