China-based ride-sharing firm Didi Chuxing, formerly known as Didi Kuaidi, secured a $600 million strategic investment from China Life Insurance on June 13. The investment includes an equity investment of $300 million and a long-term debt investment of $305 million.

Didi Chuxing ranks as the second-largest company in a workforce segment that Staffing Industry Analysts defines as the human cloud. The largest is Uber.

China Life is China’s largest state-owned commercial insurance conglomerate, with businesses including insurance, asset management, alternative investment and overseas development.

The investment follows last month’s $1 billion investment from Apple Inc.

The firm ranks as the second-largest company in a workforce segment that Staffing Industry Analysts defines as the human cloud. The largest is Uber.

China Life is China’s largest state-owned commercial insurance conglomerate, with a business scope spanning insurance, asset management, alternative investment and overseas development. The investment in Didi Chuxing is led by China Life Investment Holding Co. Ltd, a professional alternative investment platform of China Life that has previously invested in multiple internet companies.

Didi Chuxing and China Life also said they will partner to develop business models for insurance, comprehensive financial services, market development and corporate mobility solutions. The two parties will also collaborate on investment opportunities in mobile transportation and related sectors in China and beyond.

“China Life is not only a leader in China’s insurance industry, but also a national pioneer for innovation in the financial services sector, and we believe this strategic partnership will bring long-term value to both parties,” said Didi President Jean Liu. “Leveraging China Life’s leadership in capital, brand, financial product portfolio and services network, Didi will develop a more flexible, reliable and enriched value-added mobility experience for our users.”

Didi Chuxing competes with Uber in China. Reuters reported earlier this year that Uber’s China business received almost $2 billion in funding from Chinese investors, and in a separate report indicated Uber was losing $1 billion a year in China.

Last September, Didi Chuxing invested $100 million in US-based ride-sharing firm Lyft.