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Dara Khosrowshahi, CEO of Uber announced that the company was looking to sell stakes in non-strategic assets including its holding in Chinese ride hailing company Didi Global Inc.
"Our Didi stake we don't believe is strategic. They're a competitor, China is a pretty difficult environment with very little transparency," Khosrowshahi mentioned at a virtual fireside chat with a UBS analyst.
It is reported that Uber's operational business last quarter achieved profitability on an adjusted earnings basis for the first time.
As for its Didi stake, it recorded a $2.4 billion net loss in the third quarter.
Moreover, under heavy pressure from Chinese regulators, Didi said it would be delisting from the US stock exchange and pursue a Hong Kong listing instead earlier this month.
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However, Khosrowshahi said Uber is in no rush to sell the shares as they are looking to monetize those kinds of stakes smartly over time.
As of a filing in June by Didi, Uber owns 12.8% of Didi.
Didi and Uber, both backed by Japanese conglomerate Softbank, struck a deal in 2016 after Uber failed to create a significant presence in the Chinese market due to fierce competition from Didi.
In the end, Uber sold its China business to Didi in exchange for equity.
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