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The Chinese service, similar to Uber, expects IPB



Didi Chuxing, China’s largest welfare company, announced its public offering for the US stock exchange on Thursday, launching what is expected to be the largest initial public offering this year.

The company – backed by Asia’s largest technology investment firms SoftBank, Alibaba and Tencent – did not disclose the size of the offer, but sources familiar with the matter had previously told Reuters that the mobility giant could raise about $ 10 billion. to seek an estimate of nearly $ 1

00 billion.

According to this estimate, Didi’s shipping market will be the largest Chinese shareholder in the United States, as Alibaba raised $ 25 billion in its initial public offering in 2014.

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In his filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which halted the global anti-riding industry after the blockades were implemented worldwide.

For 2020, Didi reported revenue of 141.7 billion yuan ($ 22.17 billion), up from 154.8 billion yuan a year earlier. The net loss amounted to 10.6 billion yuan in 2020, compared to 9.7 billion yuan a year earlier.

However, Didi starts strongly in 2021, as the business reopens in China. Revenue doubled more than 42.2 billion yuan ($ 6.4 billion) in the three months ended March 31 from 20.5 billion yuan a year earlier.

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Didi confidentially applied for an IPO in April. A source familiar with the matter said Thursday that Didi is aiming to go public in July.

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The mega IPO highlights the lucrative business opportunity provided by Asian technology giants to large investment banks on Wall Street.

Earlier this year, Singapore’s largest firm, Grab, struck a $ 40 billion deal with a special acquisition company backed by investment firm Altimeter to make it public in the United States.

Didi Chuxing, China’s largest car moving company, has made a public bid for the US stock exchange, launching what is expected to be the largest initial public offering this year.

Last year, Chinese companies raised $ 12 billion from listings in the United States, more than three times the amount raised in 2019, according to Refinitiv. This year, the increase in Chinese floats on US stock exchanges is expected to surpass last year’s result.

Didi, which merged with its main competitor Kuaidi in 2015 to create a smartphone-based transportation services giant, sees it as a core business mobile app where consumers can welcome taxis, private cars, car pool options and even buses in some cities.

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Didi plans to list US Depositary Shares (ADS) on Nasdaq or the New York Stock Exchange under the symbol “DIDI”, the company said.

Didi Cheng Wei, CEO, said last year the company aims to have 800 million active users per month globally and fulfill 100 million orders a day by 2022, including travel sharing, bicycle delivery orders and food.

Goldman Sachs, Morgan Stanley and JPMorgan are the leading insurers for supply.

($ 1 = 6.3929 Chinese Yuan)


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