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The Standard Group Plc is a
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Uber Technologies Inc is burning through more than a billion dollars a year in China as it wages a fierce price war against local rival Didi Kuaidi, its chief executive said.
The company's Chinese business boosted its valuation last month to more than $8 billion after raising more than $1 billion in its latest funding round, but the U.S. ride-hailing app is not yet profitable in mainland China because of the intense competition.
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