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Chinese search giant Baidu said ready to invest $600 million in Uber

Traffic in Beijing. Plenty of drivers, plenty of riders.
(ChinaFotoPress / Getty Images)
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Chinese search giant Baidu is set to invest $600 million in Uber, the fast-growing ride-hailing company, according to a source quoted by Bloomberg.

Baidu itself recently said it will announce a major new partnership on Wednesday, but offered no details.

A recent investment round pegs Uber’s market value at $40 billion. Uber, based in San Francisco, is now a private company -- its shares do not trade on the major stock markets.

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Baidu, based in Beijing and often called “the Google of China,” is headed by its founder, the now fabulously wealthy entrepreneur Robin Li.

Last year, Google Ventures invested $258 million in Uber.

Uber already operates in China. The China market, with its huge population, appears ripe for ride-hailing. Despite a slowing economy, China’s middle class continues to grow; many people who can’t yet afford cars can afford smartphones, and use an app to hail a ride from their richer compatriots.

@russ1mitchell

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