One of Uber's top executives laid to rest rumors that the U.S.-based ride hailing app was squeezed out of China because of unfair regulations.
"It's not apparent to the outside world as much…that the Chinese government did treat Uber fairly," Emil Michael, Uber's chief business officer, told CNBC.
"It just made sense, given the amount of money that was being burned to compete there, to combine with a local player," Michael added, referring to Didi Chuxing's acquisition of Uber's China business in August.
The combined value of the two companies was an estimated $35 billion, with Beijing-based Didi valued at $28 billion valuation and Uber at $7 billion. Didi Chuxing itself is the product of a previous merger between China's two largest ride-sharing app, Didi Dache and Kuaidi Dache.
Uber Global received 5.89 percent in the combined company, with preferred equity interest, which would be the equivalent of a 17.7 percent stake.