Chinese ride-hailing service Didi Chuxing has confirmed its acquisition of Uber's business in China.

Didi says Uber will still retain a nearly 6-percent stake in the newly-merged entity.

Details of the sale have not been laid out, but its being reported the combined operation is going to be worth an estimated 35-billion US dollars.

As part of the agreement, Uber will maintain its branding, app and business operations.

Uber has been unsuccessfully trying to gain market share in China for the past 2-years, but had been hemoraging around 1-billion dollars a year in its attempt to gain more market access.

For more on the new deal, CRI's Fei Fei spoke earlier with CRI business analyst Einar Tangen.