Alibaba, Tencent, retailer Suning and a few Chinese automakers have set up a $1.5-billion ride-hailing venture, rivalling Chinese ride-sharing giant Didi Chuxing. China is the world's largest ride-hailing market estimated to be worth $23 billion, as per consulting firm Bain & Co. Didi, backed by SoftBank and Uber, claims around 90% of all bookings in China, Bain & Co added.