Since Lyft’s IPO and the precipitous drop in its stock price, many investors have been quite concerned about Uber’s upcoming IPO. To be fair, Uber has made a number of maneuvers to improve its profitability, and its newly lowered valuation could help appease some of these concerns.

In particular, Uber has famously exited its business in China, SE Asia and Russia in order to cut its losses; and in return for selling its local businesses, it received equity stakes in its competitors, forming somewhat of an alliance with Didi Chuxing in China, Grab in SE Asia and Yandex.Taxi in Russia. However, recent data suggests that these “alliances” actually may be less friendly than one may have expected. In fact, each of these players are making solid progress expanding their footprints into Uber’s markets. If this trend continues, it may eventually re-heat the competition as regional whales encroach into one another’s