Uber China unit valuation close to $8 bn but profits absent

Uber and its larger China rival, Didi Kuaidi, have spent heavily to subsidize rides to gain market share, betting on China’s Internet-linked transport market becoming the world’s biggest.
Uber Technologies Inc’s China unit boosted its valuation to more than $8 billion after it raised over $1 billion in its latest funding round, although the U.S. ride-hailing app is not yet profitable in the mainland due to intense competition.
Uber and its larger China rival, Didi Kuaidi, have