Industry

Chinese Ride-hailing Giant Didi Chuxing Goes Public on New York Stock Exchange

Jun 30, 2021, 22:56pm2021/07/01 06:06:23 Pandaily

Chinese ride-hailing giant Didi Chuxing went public on the New York Stock Exchange on Wednesday night with an issue price of $14, meaning that the company’s market value is expected to reach about $67 billion.

Didi could possibly raise as much as $4.64 billion with the IPO, Chinese media outlet Sina Finance reported.

Didi said it will use 30% of the money to expand its business in international markets. About 30% of the fund goes to improving technology capabilities in various aspects including ride-sharing, electric cars and autonomous driving. About 20% is used to launch new products and expand existing product categories to continuously improve the user experience. The remainder may be used for other potential strategic investments.

Didi’s IPO today was very low-key, with no internal celebrations or launch ceremonies.

Chinese Ride-Hailing Giant Didi Updates Prospectus to Reveal 4 Billion Dollar Financing Plan

Didi updated its prospectus on June 25th, Beijing time. The new document shows that the ride-hailing firm expects to issue 288 million shares, and plans to raise a total of about $4 billion, with a maximum of about $4.6 billion.

Didi Chuxing Undergoes Cybersecurity Review Two Days after Its US IPO

Recently-listed ride-hailing app, Didi Chuxing, has now found itself the subject of a national security and public interest investigation by China's cybersecurity watchdog.

Didi Removed from App Stores, User Registration Suspended

Didi Chuxing has been accused of the serious illegal collection of personal information and has been ordered to be removed from app stores and has stopped registering new users.

Didi Denies Going Private, Pre-Market Price Soars 50%

On the evening of July 29th, the Wall Street Journal reported that Didi, an online ride-hailing company, was considering privatization to appease the dissatisfaction of Chinese authorities. The report said that the company would also compensate investors for losses incurred by the company's listing in the United States a month earlier. Didi later denied this report on its official Weibo channel. Prior to that time, the company's pre-market share price spiked 50%.

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