Didi Dache and Kuaidi Dache, China's two largest cab-hailing apps, tied the knot as the two firms merged into a behemoth to gang up against other competitors. [Chinanews.com]

2. Didi and Kuaidi

Tencent-funded Didi Dache and Alibaba-funded Kuaidi Dache, China's two largest cab-hailing apps, ended their price war and agreed to combine as the two firms merged into a behemoth to gang up against other competitors, like Uber, in the country's booming taxi app market.

The two previous rivals announced the deal on Feb. 14, 2015, Valentine's Day in the west, after they burned huge amounts of cash to attract passengers and taxi drivers through cash bonuses, mobile data plans and free mobile chargers in a fierce competition for market shares.

China's cab-hailing behemoth continues to up the ante as it raised US$3 billion in its latest funding round from fellow deep-pocket investors like China Investment Corp., Capital International Private Equity Fund and Ping An Ventures.

The US$16 billion valued firm, backed by China's top 2 Internet giants, is seeking to legalize its status and seems to have a good start as it has received a car booking license for its operations in Shanghai.

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