The people spoke on condition of anonymity as the information, including the identity of the banks, was private.
It's looking to formally appoint lead banks for the float in the coming months, two of them said.
With a small team, TechNode provides timely news and thoughtfully researched articles for worldwide readers interested in learning more about the Chinese tech industry.China's top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering next year, dropping previous aims to list in New York amid rising Sino-US tension, people with knowledge of the matter said.ĭidi, backed by technology investment giants SoftBank, Alibaba and Tencent, has started initial talks with investment banks for the long-awaited IPO, according to three people.
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Speaking on a Bloomberg TV show in April, Didi president Jean Liu said the company has no “specific IPO timetable.”Ĭorrection: An earlier version of this article incorrectly quoted comments by Didi President Jean Liu from an interview with Bloomberg.
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Around 8,000 van drivers were recruited for the freight service, and more than 10,000 orders were secured, in its first day of operation, the company said.The Chinese ride-hailing giant is also pushing into the freight logistics industry with the launch of a pilot service in the eastern city of Hangzhou and Chengdu, the capital of southwestern Sichuan province, late last month.Didi has been piloting a home delivery business in over 20 domestic cities since March, but is reportedly (in Chinese) struggling to take market share from industry giants such as Meituan and JD.
Citing an early investor in the company, Caixin wrote that recent harsh regulatory scrutiny from the Chinese authorities will make the $80 billion figure unlikely.Ĭontext: After a difficult year, during which its business was hit first by public outrage over two customers murdered by Didi drivers, and then by the global Covid-19 outbreak, Didi is now looking to make up for losses in core businesses while diversifying its revenue in a bid to boost its valuation. Caixin cast doubt upon the $80 billion figure, writing that the company is currently valued at around $56 billion.On Tuesday, Caixin also reported (in Chinese) that Didi was proceeding a Hong Kong listing plan, adding that institutional investors had requested a chance to exit through an IPO.News first broke on Monday that Didi was seeking a public listing at a target valuation of up to HKD 600 billion ($80 billion) in the Hong Kong stock market, according to a Chinese media report.A company spokesman on Wednesday told TechNode that an IPO was not the company’s “top priority,” and that it did not have such plans for the moment.They added that changes could occur in details of the plan, since deliberations are at an early stage. TechNode’s sources did not comment on the company’s valuation. READ MORE: As China tech stocks surge, a fundraising window opensĭetails: Didi is seeking to hire investment banks to advise on a potential IPO in Hong Kong, said people familiar with the matter. Chinese companies increasingly favor the Hong Kong markets, due in part to the increasingly strained relationship between China and the US. Why it matters: Didi is the latest Chinese tech behemoth to push ahead with a multi-billion dollar initial or secondary listing in Hong Kong since Alibaba started the trend in with a November 2019 secondary listing. China’s Didi Chuxing is in the early stages of preparation for an initial public offering in Hong Kong, three sources close to the matter told TechNode on Wednesday, confirming reports in Chinese media.
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