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Didi Chuxing, the Chinese travel promotion company, unveiled US stock offer requests, which revealed the financial damage from the pandemic to its business last year and the strength of the his bounce, and set the stage for one of the largest international companies. 2021 listings.
Didi operates the dominant application in China and has recently expanded worldwide, while also devoting money to electric vehicles and self employed drive research.
A private investment valued Didi at $ 65 billion in a 2018 fundraising round, one person reported. The company is likely to seek a higher valuation during the public offering.
Depending on investor reception, Didi’s listing could rival the Korean e-commerce company Coupang market debut earlier this year, which was the largest U.S. public offering for an international company since Alibaba in 2014.
According to the records, Didi’s revenue decreased 8.5%, to $ 141.7 billion ($ 22 billion) in 2020, as a coronavirus pandemic. abonyegat its basic attraction business. Losses increased to Rmb 10 billion during the same period.
However, the business rebounded in the first quarter of this year, which allowed Didi to set aside an amount of Rmb42.2 billion in revenue and net income of Rmb 5.5 million. The company lost money from operations during the quarter, but made profits by including gains on investments.
The Beijing-based company claimed that its core business in China has been profitable according to adjusted earnings before interest, taxes, depreciation and amortization since 2019.
Xiaoju Kuaizhi, Didi’s holding company, submitted an offer to deposit U.S. shares on U.S. stock exchanges on a listing scheduled for next month. The public debut will be a milestone for the company, which raised billions of dollars from the Japanese SoftBank while fighting early Uber competition in its domestic market.
SoftBank, which has invested more than $ 10 billion in Didi, owned a 21.5% stake in the company through its vision funds, while the Chinese internet giant Tencent celebrated a share of 6.8%.
Uber owned 12.8% of the company after selling its Chinese business to Didi in 2016 largely stock-based offering.
Didi will enter hot market for initial public offerings, as well as tense geopolitical environment for large Chinese technology companies at home and in the US.
Last month, regulators summoned executives from Didi and nine other freight and vehicle transport companies that issue notices about their data and pricing practices. In the files, Didi said he faced multiple risks related to his Chinese corporate structure and government relations.
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