Didi Chuxing buys out Uber China. (Photo : Getty Images)
Didi Chuxing co-founder and chief executive Cheng Wei becomes the fastest growing business mogul in China after his company finally defeated the cab-hailing platform giant Uber, bringing the Chinese company's value to $35 billion.
As home to several business geniuses like Cheng of Didi, it is no wonder that China is considered as the world's second largest economy next to the United States.
In fact, Chinese start-up businesses like Didi Chixung are gradually becoming giants in their own markets and it is making onlookers curious as to how the people driving these companies made it to the top.
Uber Acquisition
Last week, China's taxi-hailing service has officially won the Chinese market after Uber let Didi take care of its $7 billion market capitalization for Uber China per a USA Today report.
According to a July report, Bloomberg said that Uber's decision will allow the company to exert more effort in expanding in other nations like India.
Meanwhile, Quartz explained that the mere fact that Uber has already given up on bringing the Western app to the highly domestic country is not a good idea especially if the businesses are not willing to "turn Chinese."
Because of that, Didi has kicked Uber out of the country as a deal between the Western company and Asian firm was closed early in August.
Who is Cheng Wei?
Onlookers are curious as to exactly how that happened and Reuters is highlighting a single person who made the dominance of the Chinese cab-hailing service a reality.
According to the outlet, the success of Didi in overcoming Uber has something to do with the leadership style and business ethics that its chief executive officer Cheng Wei upholds.
The 34-year-old self-made billionaire currently has $1 billion net worth which he earned on his own based on his Forbes profile.
His colleagues also know him to be a person who has "a cool head, a keen strategic eye, and a lack of ego," per Reuters.
These characteristics, as well as a little bit of luck, were all instrumental to his success in defeating Uber and becoming the fastest growing CEOs in the world, GGV Capital Managing Partner Hans Tung explained.
"From the outside, you'd say this guy is really lucky, but on the flip side, he knows who the right people to know are and who to have good relationships with, and how to get them to work with him. It's a very unique personality trait," Tung explained.
