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Chinese Ride-Hailing Giant Didi Reportedly to Spin off Its Self-Driving Business

July 30, 2019 0:13 pm

Beijing (PingWest)—Chinese ride-hailing giant Didi Chuxing intends to spin off its self-driving business. Meng Xing, former Executive Director of Shunwei Capital, will join the new company as an executive and be responsible for the financing work, according to the LatePost.

The action was seen as paving way for Didi's IPO.

Meng Xing has entrepreneurial experience related to AI. He founded technology companies involved in image recognition, one is Orbeus in Silicon Valley and the other is Beijing-based Zhitu Technology - both of them were acquired.

During his days in Shunwei Capital, Meng Xing invested in XPeng and self-driving startup Momenta. According to the report, Meng has left Shunwei Capital.

Source: LatePost