合并就是投降滴滴是怎样成长为Uber杀手的？合并就是投降，滴滴是怎样成长为Uber杀手的？Ubergaveup.ItmayneverframeitstimeinChinainsuchstarkterms,butthere’snootherwaytointerpretUber’smergerofitsChinadivisionwithmarketleaderDidiChuxinginatie-upworth$35billionjustayearafterfounderTravisKalanickcalledthecountryUber’s“numberonepriority.”InChina,prioritiesmetreality.InaleakedposttodayannouncingUberChina’ssaletoDidi,Kalanickacknowledgedneithercompanyisturningaprofit.“UberandDidiChuxingareinvestingbillionsofdollarsinChinaandbothcompanieshaveyettoturnaprofitthere,”hewrote.Thehopeisamergerfixesthat.DidiChuxing’smarketsharehascontinuedtooutpaceUber’s,thanksinnosmallparttomorethan$1billionayearinsubsidiesandlosses.AnddespiteUber’sadmissionthatittoowaslosing$1billionayearinChina,itcouldneverclosethemarketsharegap.TheDidi-UberdealatleastgivesUberastakeinthemonopolyitcouldn’tcreateitselfinChina.Accordingtomarketshareestimates,acombinedDidi/Uberwouldcontrolmorethan95%oftheChineseridesharingmarket.InvestorsinUberChina,aseparatebusinessundertheUberumbrella,willget20%ofthemergedcompany.Meanwhile,Didiisinvesting$1billionintoUberata$68billionvaluation.DidiistheonebuyingUberChinainthedeal,butit’sfairtosaythatifUberdidn’tmaketheboldbetonChina,Didiwouldn’tbeworththe$28billionitistoday.SoonafterUbercametoChinain2014,itofferedthefirstpopularperson-to-personridehailingserviec.BackthenDidiDachewasspendinghundredsofmillionstofightcompetitorKuadiDacheforcontroloverthetaxi-hailingmarket.DidiandKuaidiweretwosimpleplatformstoconnectriderswithopentaxis.NeitherhadUber’sslickalgorithm,orreallyofferedmuchexceptanoutsidechanceathailingacabduringrushhourifyouaddeda$1tiptoyourrequest.AfterBaidubackedUberChinainlate2014,anditbecameclearChineseconsumerswereabouttodemandawholelotmorerideservicesthanregulartaxis,Didi-Kuadimergedina$6billiondealinearly2015.Thenewcompanypushedaggressivelyintorecruitingprivatedriversforacheapcarservice.ItwastransformingintoanUberkiller.AndnowthatnewChineseregulationsrequirecompaniestochargeatleastthemarketrateforrides—eliminatingtheheavysubsidiesthatwereahallmarkofthebusinessjustashorttimeago—smallertierplayerslikeNo.3YidaoYongche,thestartupthatundercutsDidiandUberpricesbyhalf,nolongerhaveaforeseeablefuture.TravisKalanickundoubtedlydreamedofbiggerrichesinChina.ButfacinganunflinchingcompetitorinDidiwhoseonlyfocusisChinaandrecentlyraisedanastounding$7.3billionwarchestfrominvestorsincludingApple,Uber’soutlookhasneverappearedasbrightasthepotentialopportunity.Uber’scapitulationisproof.Someofthemarestilldigestingthebignews.Uber’sChinabusinessismergingwithlocalrivalDidiChuxingtocreateamegaride-hailinggiantandputanendtoUber’spainfulfinanciallossesinthemarket.ButwhataboutDidi’soriginalallies—Lyft,Grab,andOla—withwhichitformedananti-Uberalliance,sotospeak,lastfallsothattheircustomerscanuseeachother’sservices?Well,that’slargelyunclearfornow,althoughtheylikelyhavequestionsaboutUberandDidi’snewcloserelationship.AspartofthemergerannouncedonMonday,UberChina’sinvestorsnotonlyget20%inthenewcombinedcompany,butUberco-founderandCEOTravisKalanickwilljoinDidi’sboardwhileDidifounderandCEOChengWeiwilljoinUber’s.TheawkwardnessofthisarrangementforDidi’spartnersispalpable.Fornow,Lyftseemstobedigesting.“WealwaysbelievedDidihadabigadvantageinChinabecauseoftheregulatoryenvironment.Ther...
