Alibaba has denied reports that it has taken a 10% stake in chauffeured ride service UCar despite apparent documented evidence of the investment.
E-commerce group Alibaba has reportedly paid RMB 3bn ($460m) for a 10% stake in China-based chauffeured car service UCar, China Money Network reported yesterday, citing a legal document.
Although the report was accompanied by a photograph of the document, signed by UCar chairman Lu Zhenyao, in question, Alibaba has denied the report, according to Tencent Tech.
UCar was formed in January 2015 by car rental firm China Auto Rental (CAR) and provides a chauffeured ride service. Despite denying the investment,…
