The ride-hailing service’s stock has reached new highs after it signed a new deal with a Chinese firm to buy back $50 million worth of shares.
The move gives Uber a greater stake in China than in Europe, where the company has been struggling to turn a profit.
Uber’s shares are up nearly 2% this week, and the company is worth about $40 billion.
The deal with Uber, the country’s biggest ride-sharing company, comes as China struggles to regulate ride-booking services.
Uber has been operating in China since 2015, but its growth has slowed in recent years as regulators there clamp down on the company.
Uber is not regulated in the United States and is not allowed to use Uber’s own platform.