Ride-hailing service Uber Technologies Inc. plans to spend $1 billion in China this year, in a bid to become one of the first Western technology firms to establish a dominant position in a Chinese industry.
To date, San Francisco-based Uber has received almost $6 billion over several funding rounds.
With valuation approaching $50 billion, it is one of the deepest-pocketed startups ever and well equipped to scale its business in China—a country with 500 million smartphone owners.
