Big news in China's taxi-hailing market. The country's two largest car-service booking providers, Didi Dache and Kuaidi Dache have announced a merger.

China's 2 biggest Taxi Apps announce merger

The combined company will adopt a Co-CEO system, which means their brands and businesses will develop independently.

KuaiDi is backed by Alibaba Group and Didi is backed by Tencent. The two companies have not revealed the proportion of shareholding and assessed value of the new company. But a successful merger would create a dominant player with more than 95 percent of China's mobile car-service booking app business, and an expected valuation of 6 billion US dollars.

A news conference on the merger will be held after the Spring Festival.

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