CNBC reports Chinese ride-hailing giant Didi Chuxing — the company that bought Uber’s China business last year — closed a $5.5 billion funding round, valuing the company at more than $50 billion, making it one of the world’s most valuable private technology companies. Didi said the round will be used “to support its global strategy and continued investments in AI-based technologies.” Uber and Didi were in an intense battle in China until last year when the Chinese firm bought the US ride-hailing app’s business. Uber has a roughly 20% stake in Didi as a result of the transaction.