China's Uber rival, Didi Chuxing, a car-hailing app has received an investment of about $600 million from China Life Insurance Co Ltd. Earlier this month, Uber raised $3.5 billion from Saudi Arabia's sovereign wealth fund in new resources earlier this month.

The investment by China Life - included equity of $300 million and a long-term borrowing commitment of $305 million.

"The two parties will also collaborate on investment opportunities in mobile transportation and related sectors in China and beyond," the companies said in a statement.

Apple Inc also invested $1 billion in May in the Uber rival, a move that Apple Chief Executive Tim Cook said would help his company better understand the critical Chinese market. In May this year, Alibaba Group Holdings Ltd. was also planning to team up with affiliate Ant Financial to invest an additional $400 million in Didi Chuxing.

Prior to the China Life investment, the company had raised about $6.3 billion including funding rounds before and after it became a merged company, as per research firm CB Insights. In May, Didi which completes more than 11 million rides a day, was working towards in initial public offering in the United States that would likely take place in 2018.

Image Source: ShutterStock

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