However, Didi started 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. For 2020, Didi reported 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. CHINESE IPO GOLD RUSH
RIDE SHARE PRICES FOR UBER, LYFT CONTINUE TO SPIKE NATIONWIDE AMID DRIVER SHORTAGE, HIGH DEMAND At that valuation, Didi’s 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.
In its filing on Thursday, Didi revealed 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. The company – backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent – 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.
Earlier this year, Singapore’s 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. Didi Chuxing, China’s biggest ride-hailing firm, has made its public filing for a U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year. The mega IPO highlights the lucrative business opportunity presented by Asian tech giants for Wall Street’s big investment banks.
ROBINHOOD BOLSTERS BOARD OF DIRECTORS AHEAD OF IPO Didi confidentially filed for its IPO in April. A source familiar with the matter on Thursday said Didi was aiming to go public in July.
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