Uber ups its ante in China

Uber Technologies Inc, the United States-based car-hailing major, said on Thursday that it would invest an additional 6.3 billion yuan (about $1 billion) for expanding its operations in China and also set up a new unit in Shanghai.

By stepping on the accelerator, the San Francisco-based company plans to expand its services to about 100 Chinese cities in the next 12 months. It currently operates in 21 cities, transporting more than 1 million passengers every day.

The privately owned company said its latest investment - with no details on when it would be completed - will be used to support Uber's "long-term, stable development" in China.