Uber's China arm just closed a $1 billion round of funding

Uber’s China arm has closed its $US1 billion fundraising round early, according to two people with knowledge of the matter, with investors still hopeful for the U.S.-based ride service despite strong domestic competition in the car-hailing market.

Investors in Uber’s Chinese unit include Hillhouse Capital, Asia’s biggest hedge fund, Chinese Internet giant Baidu Inc, China CITIC Bank Corp Ltd, China Life Insurance Co Ltd, Ping An Insurance Group Co of China among others, said one of the people.

A spokeswoman for Uber declined to comment.

The deal was oversubscribed, said the second source directly familiar with the fundraising. According to a fundraising document seen by Reuters last week, this round values UberChina at $US7 billion, with the unit planning to list on the mainland by 2020.

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This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

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