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Chinese ride-hailer Didi raises $5.5bn from SoftBank, others

Japanese company adds to stake, with sights on internet of things

BEIJING -- Didi Chuxing, China's top ride-hailing company, raised $5.5 billion in its latest round of funding, with Japan's SoftBank Group reportedly providing the largest contribution as it prepares for a pivot to the "internet of things."

SoftBank's investment, expected to come from a planned $100 billion joint fund with Saudi Arabia, aims to strengthen the Japanese tech giant's relationship with Didi. Other backers in this round likely include tech enterprises from inside and outside China. A Didi representative said the company "cannot comment" on the participants.

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