(Reuters) Uber Technology has said it is looking to relinquish its holdings in China’s Didi Global Inc., citing the lack of transparency by Beijing.
Uber, which considers Didi non-strategic, says the Beijing-based ride giant is a competitor and operates in a difficult Chinese environment that lacks transparency.
Uber CEO Dara Khosrowshahi says the company is not in a hurry to sell the stake in Didi, which is about 12.8%. Khosrowshahi says it’s the kind of stakes the ride-sharing firm wants to monetize over time.
The US ride giant, which targets other non-strategic holdings for sale, says some shares are still subject to a lockup period.
Uber’s move comes even as Khosrowshahi says the company had the best bookings last week, although the overall trips remain 10% below the levels before the pandemic.
The ride giant had about $13.1 billion investments in other firms at the end of the third quarter. Didi ownership was about $4.1 billion, with investors getting concerned over Uber’s holdings into other firms rather than plowing capital into its own operations.
UBER: NYSE is down -0.43% on premarket, DIDI: NYSE is down -1.74% on premarket.
