{"id":271683,"date":"2021-06-11T03:27:20","date_gmt":"2021-06-11T00:27:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uber-rival-and-chinese-ride-hailing-giant-didi-files-for-ipo\/"},"modified":"2021-06-11T03:27:20","modified_gmt":"2021-06-11T00:27:20","slug":"uber-rival-and-chinese-ride-hailing-giant-didi-files-for-ipo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uber-rival-and-chinese-ride-hailing-giant-didi-files-for-ipo\/","title":{"rendered":"#Uber rival and Chinese ride-hailing giant Didi files for IPO"},"content":{"rendered":"

“#Uber rival and Chinese ride-hailing giant Didi files for IPO<\/strong>”<\/p>\n

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Didi\u00a0Chuxing, China\u2019s biggest ride-hailing firm, on Thursday made public its filing for a US stock market listing, setting the stage for what is expected to be the world\u2019s biggest initial public offering this year.<\/p>\n

The company \u2013 backed by Asia\u2019s largest technology<\/a> investment firms, SoftBank, Alibaba and Tencent \u2013 did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.<\/p>\n

At that valuation,\u00a0Didi\u2019s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.<\/p>\n

In its filing on Thursday,\u00a0Didi\u00a0revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.<\/p>\n

For 2020,\u00a0Didi\u00a0reported revenue of 141.7 billion yuan ($22.17 billion), down from 154.8 billion yuan a year earlier. Net loss stood at 10.6 billion yuan in 2020, compared with 9.7 billion yuan a year earlier.<\/p>\n

However,\u00a0Didi\u00a0started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (US$6.4 billion) for the three months ended March 31 from 20.5 billion yuan a year earlier.<\/p>\n

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\"A
Didi reports its revenue has more than doubled in the first three months of 2021 as businesses have reopened in China.<\/figcaption>
VCG via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

CHINESE IPO GOLD RUSH<\/strong><\/p>\n

Didi\u00a0confidentially filed for its IPO in April. A source familiar with the matter on Thursday said\u00a0Didi\u00a0was aiming to go public in July.<\/p>\n

The mega IPO highlights the lucrative business opportunity presented by Asian tech giants for Wall Street\u2019s big investment banks.<\/p>\n

Earlier this year, Singapore\u2019s biggest ride-hailing firm, Grab, struck a $40 billion deal with a special purpose acquisition company, backed by investment firm Altimeter, to go public in the United States.<\/p>\n

Last year, Chinese companies raised $12 billion from US listings, more than trip<\/a>le the fundraising amount in 2019, according to Refinitiv data. This year, the raise from Chinese floats on US exchanges is expected to comfortably surpass last year\u2019s tally.<\/p>\n

Didi, which merged with then main rival Kuaidi in 2015 to create a smartphone-based transport services giant, counts as its core business a mobile app<\/a>, where users can hail taxis, privately owned cars, car-pool options and even buses in some cities.<\/p>\n

Didi\u00a0plans to list American Depositary Shares (ADSs) on either Nasdaq or the New York Stock Exchange under the symbol \u201cDIDI,\u201d the company said.<\/p>\n

Didi\u00a0Chief Executive Cheng Wei said last year the firm aims to have 800 million monthly active users globally and complete 100 million orders a day by 2022, including ride-sharing, bike and food delivery orders.<\/p>\n

Goldman Sachs, Morgan Stanley and J.P.Morgan are the lead underwriters for the offering.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Uber rival and Chinese ride-hailing giant Didi files for IPO” Didi\u00a0Chuxing, China\u2019s biggest ride-hailing firm, on Thursday made public its filing for a US stock market listing, setting the stage for what is expected to be the world\u2019s biggest initial public offering this year. The company \u2013 backed by Asia\u2019s largest technology investment firms, SoftBank,…<\/p>\n","protected":false},"author":1,"featured_media":271684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/didi-files-for-ipo3.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[108888,76474,4973,5007,73424,74124],"class_list":["post-271683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-10-21","tag-alibaba","tag-china","tag-ipo","tag-ride-sharing","tag-softbank"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=271683"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/271684"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=271683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=271683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=271683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}