Tech

Chinese ride-haling giant Didi Chuxing has published an IPO treatise.

Didi, a Chinese ride-hailing service company, Submission of initial public offering Open to the public on Thursday, the ride-hailing service began to revive with the pandemic retreat.

Founded in Beijing in 2012, Diddy began as a taxi dispatch service before expanding to other modes of transportation. In 2015, it merged with another Chinese rival, Kuaidi Dache, to form what became Didi Chuxing.

Since then, Diddy has been dominant in China. Uber, which was spending a lot of money on growth in China in 2016, Selling Chinese business to Diddy.. (Uber has been granted shares in the resulting company.) Didi currently operates in 15 countries, including Brazil and Mexico.

The company’s IPO could be scrutinized in a wave of other technology offerings, and as Beijing begins to curb domestic tech giants.Diddy Equivalent to $ 56 billion 2017 and its investors include Japan’s Softbank and Abu Dhabi’s state-owned fund Mubadala.

Last year’s sales fell 8% to $ 21.63 billion due to a decrease in passenger numbers during the pandemic, according to the submission of Didi under the official name Xiaoju Kuaizhi. The company lost $ 1.6 billion last year, but reported a profit of $ 30 million in the first quarter of this year. Like most ride-hailing companies, Diddy has historically been unprofitable.

Diddy said the IPO will fund the expansion.

“We aim to be a truly global technology company,” Diddy founders Chen Wei and Jean Liu wrote in a letter included in the filing. “What we have learned and built is relevant around the world, whether it’s Latin America, Russia, South Africa, or where affordable, safe and convenient mobility is worth it.”

Other ride-hailing services report that the business is recovering. last month, Uber Revenues for the first three months of the year, excluding settlement costs, increased 8% from a year ago to $ 3.5 billion. The company lost $ 108 million.

Chinese ride-haling giant Didi Chuxing has published an IPO treatise.

Source link Chinese ride-haling giant Didi Chuxing has published an IPO treatise.

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