BEIJING: China’s top taxi hailing app Didi Kuaidi has taken a stake in US archrival Uber’s own domestic competitor Lyft, the Wall Street Journal reported, as the firms spend fortunes competing for market share.

The Chinese company teamed up with two of its investors, Chinese internet giants Alibaba Group and Tencent Holdings, in a May funding round for Lyft, the report said, citing unnamed sources familiar with the matter.

The size of their share investment was not disclosed but the exercise valued the American firm at $2.5 billion.