Didi Chuxing, China’s ride-hailing giant, reveals US IPO filing

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Didi Chuxing Technology Co., the Chinese ride-hailing giant, released its IPO papers Thursday, enabling the company to raise billions and start public trading in the US in July .

For more information on upcoming and expected debuts, see Robinhood and Didi kick off a hot IPO summer

Didi, registered under its formal name Xiaoju Kuaizhi Inc., could have a rating of more than 70 Reaching billions of dollars, people familiar with the matter said, a figure that could be even higher among investors. Cravings for newly listed, high-growth companies.

The company is expected to raise about 8-10% of the valuation amount of the offering, said people familiar with the matter, money that the company claims it will use to invest in technology Expand business outside of China and introduce new products.

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Uber Technologies Inc.

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In the US, Didi, headquartered in Beijing, operates a smartphone app that allows users to pause journeys, as well as regular taxis and car pooling. Didi is known for successfully driving Uber out of China and winning a bloody price war that ended in 2016 when Uber merged its China entity with Didi in exchange for a stake in Didi.

Didi has not yet selected an exchange, but announced that it will list its American Depositary Shares under the symbol DIDI.

For the full year 2020, the filing shows that the company had sales of 141.74 billion Chinese yuan, equivalent to $ 21.63 billion , 8.4% less than last year as the coronavirus pandemic resulted in quarantines, travel restrictions and restrictions on public gatherings.

Like many tech startups, Didi has lost money in the past despite making a profit of 196 million yuan, or about $ 30 million, in the first three months of 2021. For 2020, it recorded a net loss of 10.68 billion yuan, equivalent to $ 1.63 billion, and also lost money in the full years of 2018 and 2019.

The value of all transactions on Didi’s platform fell in the first three months of 2020 due to the pandemic by almost a third compared to the previous year and only rose again in the second half of 2020.

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