Didi Global (DIDIY)

[winston]

Didi Prepares to Raise over $60B for 2021 Hong Kong IPO

by Tina Wang

China’s top ride-hailing firm Didi plans to raise $60-$80 billion for its initial public offering in Hong Kong in 2021 and is currently in contact with investment banks, including Goldman Sachs and JPMorgan Chase, according to LatePost.

Founded in 2012, Didi raised billions of investment in the past few years from top shareholders, including Alibaba, Tencent, and Softbank.

After a security incident in 2018, where a driver raped and murdered a female passenger, Didi saw a severe decline in its growth. Some experts estimated that Didi’s current shares value is well below the estimated value in 2017 of $56 billion.

However, after a year of “cultivating internal strength,” Didi is confident in its growth for 2021. Didi began generating a healthy profit in the second quarter this year and some investors are now keen to cash in, according to Didi’s interview with Reuters.

Instead of listing in New York, a city that has a significant presence of its peers like Uber and Lyft, Didi plans to list in Hong Kong amid the rising Sino-American tension.

Many US-listed Chinese companies are facing tightened scrutiny and stricter audit requirements recently, such as TikTok’s owner ByteDance.

HK IPO in 2021 with Target Valuation of $60B? Didi Chuxing Refutes Claim

Uber and Didi have long-standing relationships. In 2016, Uber sold its Chinese operation to Didi in exchange for a 17.5% stake in the Chinese firm, leading to a $1 billion investment in Uber.

If Didi’s IPO is successfully completed, it would help Hong Kong take the second spot in the global stock exchange league table after Nasdaq.

Source: pandaily

https://pandaily.com/didi-prepares-to-r ... -kong-ipo/

[winston]

Didi Chuxing has filed confidentially for US IPO — sources

by Vinicy Chan & Crystal Tse

It could be valued at as much as US$70 billion to US$100 billion, said the people.

Didi is also exploring a potential dual listing in Hong Kong at a later time, one of the people added.

Reuters had reported that Didi could be filing in April.

Didi, the Chinese version of Uber Technologies Inc, acquired its US rival’s China business in 2016.

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... 94-sources

[winston]

Didi Chuxing Seizes US$1.6B Pre-IPO Financing: Wire

Didi Chuxing obtained US$1.6-billion financing prior to IPO from Bank of America, Barclays, Citigroup, Goldman Sachs, HSBC, JP Morgan, Mizuho Bank and Morgan Stanley, Reuters' IFR reported.

SoftBank, BABA-SW (09988.HK) and TENCENT (00700.HK) had invested in Didi, which planned to file confidentially this month for a US IPO this summer.

Valuation may be as high as US$100 billion.

Source: AAStocks Financial News

[winston]

not vested

<IPO News>Didi Chuxing Said to Spin Off Chengxin Youxuan for Listing in 2022 Soonest

Didi Chuxing, planned to go public in the United States this summer, has started gearing up for Chengxin Youxuan's spin-off, The Information citing sources.

The e-commence business will be spun off for listing as soon as 2022-23, without a concrete timeline.

Source: AAStocks Financial News

[winston]

not vested

Didi vows to improve drivers' pay, users' fares after criticism

Drivers on Didi's ride-sharing network on average earn 79 per cent of what customers pay, it said in a statement on Friday.

The company took a 30 per cent-plus cut of 2.7 per cent of the trips on its platform and said it would "try our best to prevent these extreme cases from happening".

Didi's ride-railing business has turned profitable, with a net margin of 3.1 per cent for 2020, according to the statement.

Didi, the Chinese version of Uber Technologies, acquired its US rival's China business in 2016.

The SoftBank Group-backed company is stepping up efforts to increase its presence in strategically important sectors like autonomous driving and technologies including artificial intelligence chips.

Source: BLOOMBERG

https://www.businesstimes.com.sg/garage ... -criticism

[winston]

not vested

DiDi Forgoes HK IPO, To List in US This Yr: CN Sources

DiDi has forgone its Hong Kong IPO plan, Chinese media citing WeChat rumors.

Instead, it has chosen to go public in the U.S. as soon as 3Q21, or no later than 2021.

Despite prior preparations, the Chinese ride-hailing giant eventually preferred the U.S. to Hong Kong, given valuation and other factors.

Source: AAStocks Financial News

[winston]

vested in Uber who owns 17.5% of Didi

Didi reveals US IPO filing, sets stage for blockbuster New York float

World's biggest initial public offering this year.

The company - backed by Asia's largest technology investment firms, SoftBank, Alibaba and Tencent - could raise around US$10 billion and seek a valuation of close to US$100 billion.

At that valuation, Didi's stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised US$25 billion in its blockbuster IPO in 2014.

For 2020, Didi reported revenue of 141.7 billion yuan (S$29.34 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.

However, Didi started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (S$8.47 billion) for the three months ended March 31 from 20.5 billion yuan a year earlier.

Earlier this year, Singapore's biggest ride-hailing firm, Grab, struck a US$40 billion deal with a special purpose acquisition company, backed by investment firm Altimeter, to go public in the United States.

Didi, which merged with then main rival Kuaidi in 2015 to create a smartphone-based transport services giant, counts as its core business a mobile app, where users can hail taxis, privately owned cars, car-pool options and even buses in some cities.

Didi chief executive Cheng Wei said last year the firm aims to have 800 million monthly active users globally and complete 100 million orders a day by 2022, including ride-sharing, bike and food delivery orders.

Goldman Sachs, Morgan Stanley and JPMorgan are the lead underwriters for the offering.

Source: REUTERS

https://www.businesstimes.com.sg/garage ... york-float

[winston]

Didi Chuxing under investigation for anti-trust violations

China's market regulator, the State Administration for Market Regulation (SAMR), is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly, two of the three sources said.

The regulator is also examining whether the pricing mechanism used by Didi's core ride-hailing business is transparent enough, the three sources said.

Didi said it had completed the self-inspection and the "relevant governmental authorities have conducted onsite inspections".

The company now employs about 13 million annual active drivers in China, according to its prospectus.

Didi, the world's largest mobility-technology platform, operates in 15 countries and counts over 493 million annual active users globally, according to its prospectus.

In 2016, Uber Technologies Inc sold its operation to Didi in exchange for a 17.5 percent stake in the Chinese firm, which also made a US$1 billion investment in Uber.

The U.S. firm currently owns 12.8 percent stake in Didi, according to the Chinese company's prospectus. Some of Asia's largest technology investment firms, including SoftBank Group Corp , Alibaba and Tencent, have also invested in Didi.

In addition to ride-sharing, Didi operates different businesses around mobility, including electric vehicle charging networks, fleet management, car making and autonomous driving.

Source: The Standard

https://www.thestandard.com.hk/breaking ... violations

[winston]

vested thru Uber

Ride-hailing giant Didi seeks up to US$4b in US IPO

by Julia Fioretti & Crystal Tse

Didi, which is one of the largest investments in SoftBank Group Corp.’s portfolio, is marketing 288 million American depositary shares for $13 to $14 apiece.

Morgan Stanley as well as Singapore’s Temasek Holdings Pte have agreed to purchase $1.25 billion of the shares in the offering, according to Thursday’s filing.

The company’s valuation is at the lower end of a range that had stretched up to $100 billion.

Uber Technologies Inc., which was valued at $75.5 billion in its 2019 IPO, well below the $120 billion that had been touted a year earlier. Uber now has a market value of $95 billion.

In the first quarter, revenue more than doubled from the equivalent period a year earlier to reach $6.4 billion. The company also turned a profit for the three months, reporting net income of $837 million. It still posted a $1.6 billion loss last year on sales of $21.6 billion.

Didi’s depositary shares, representing 72 million ordinary shares, are expected to trade on the New York Stock Exchange under the symbol DIDI.

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... s4b-us-ipo

[winston]

not vested

Didi Chuxing's USD4B IPO Reported to Close Order Books Early

Didi Chuxing's parent company Didi Global Inc will end its bookbuilding one day earlier today (28th) for its U.S. IPO, following a rumor that the company has already secured a $4 billion full subscription on its first day of bookbuilding, reported Reuters, citing people familiar with the matter.

DiDi Global intends to issue 288 million American depositary shares (ADSs) at USD13-14 apiece, on a basis that four ADSs equals to one A-share, targeting to raise slightly more than USD4 billion.

Source: AAStocks Financial News