Home » Chinese Uber Didi Chuxing prepares for landing on Wall Street

Chinese Uber Didi Chuxing prepares for landing on Wall Street

by admin

Didi Chuxing, the Chinese Uber with nearly half a billion active users, is preparing to go public. The landing will take place on Wall Street (at the New York Stock Exchange or at the Nasdaq). The date of the debut is not yet fixed, it is certain that the operation has all the numbers to become one of the biggest Ipo tech of the year. According to the US press, Didi Chuxing would aim for a maxi market capitalization of 70 billion dollars (about 58 billion euros). Bloomberg, on the other hand, estimates a level at $ 100 billion.

Didi’s app has dominated China’s chauffeured car market since it ousted US rival Uber in 2016 after a fierce price battle. Uber eventually agreed to merge its China operations with Didi’s and is currently a shareholder of the company with 12.8% stake. The first shareholder of the application is the Japanese company Softbank with 21.5%. Founder Cheng Wei, a former Alibaba manager who created the company in 2012 (now active in 15 countries), has a 7% stake. In the investment there is also Tencent, a Chinese tech giant, which has another 6.8%. Still at a loss, Didi achieved a profit of $ 873 million in the first quarter of this year. Now it aims to grow even further thanks to the new capital that will arrive from the markets.

See also  Bitpanda proposes a poker of new ETNs on Ethereum, Solana, Cardano and Polkadot

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy