DiDi Said to Be Seeking HK$600B IPO

(Source: Lu Zhao/Pandaily)

China’s largest ride-hailing giant DiDi Chuxing is said to be considering an initial public offering in Hong Kong by the end of this year, seeking more than HK$600 billion ($80 billion). This is expected to be one of the largest IPOs in the Hong Kong market in recent years.

DiDi said daily orders have surged to 30 million. The platform claims to have a 90% market share in China and more than 550 million users worldwide.

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Apart from its ride-hailing business, the company also offers food delivery, bicycle-sharing, ride-sharing and designated driving services.

DiDi on Monday announced its rebranded carpooling service Qingcai Carpooling, which aims to raise awareness of its ride-sharing function. Qingcai, which means vegetables in Chinese, reflects the service’s energy efficiency and lower price compared to taxi and ride-hailing services, the company said.

DiDi was rumored to be going public as early as 2018. Investment experts said that DiDi can only compete with Uber and other competitors by going public, which would also help expand the company’s international business.