Uber Technologies, an international transportation company with headquarters in San Francisco, California, US, has announced the opening of a subsidiary, the Shanghai Wubo Information Technology Co, in the China (Shanghai) Pilot Free Trade Zone of the Pudong New District of Shanghai, on Oct 8.

This first subsidiary outside the US has 2.1 billion yuan ($331 million) in registered capital and will cover technology development, transfers, and consultation in computer software and Internet.

Liu Zhen, in charge of Uber's China strategy, says that Uber expects to increase its localization in China and to grow with the country's online transportation sector with this new company.

Liu says that the company is closely following the draft of a regulation on online car-booking services, from China's Ministry of Transport, on Oct 10, and is working on a formal license application so they can handle online car services on a nationwide basis.

Uber started its China services in February 2014 which now operates in 21 cities including Shanghai, Beijing and Chengdu and is planning further expansion to about 100 cities within the next 12 months with additional investment of 6.3 billion yuan.