Ride-hailing service Uber’s Chinese arm has apparently closed a $1 billion fundraising round as the company looks to take on local rival Didi Kuaidi.

Investors in Uber’s China unit include Hillhouse Capital, Baidu, China CITIC Bank Corp, China Life Insurance Co and insurance company Ping.

According to fundraising documents, Uber values its China unit at $7 billion and is planning to list the unit in the mainland by the year 2020.

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