Didi Chuxing, the Chinese ride-hailing company, has unveiled the presentation of a public offering of shares in the United States, establishing the financial damage the pandemic did to its business last year and the strength of the rebound this year – and setting the stage for one of the biggest international charts of 2021.
Didi operates the dominant driving application in China and has recently been developed worldwide, while also enriching money in electric vehicles and autonomous driving research.
According to an informed person on the issue, private investors valued Didi at $ 65 billion during a fundraising round in 2018, and the company would likely have sought a higher valuation during the public offering.
According to the reception of investors, the list of rival Didi in size Korean e-commerce company debuted in the market earlier this year, which was the the largest public offering in the United States for an international company since Alibaba in 2014.
Didi’s revenues will decline by 8.5% to Rmb141.7bn ($ 21.6bn) in 2020, according to presentations, such as the coronavirus pandemic abbuffatu his heart laugh greets the company. Losses also grew to Rmb $ 10.6 billion ($ 1.6 billion) during the same period.
Business resumed in the first quarter of this year, but allowed Didi to set aside Rmb42.2bn ($ 6.4bn) in revenue and net income of Rmb5.5bn ($ 0.8bn). The company lost money from operations during the quarter but made a profit when they included investment gains.
The Beijing-based company said its main business in China has been profitable for adjusted earnings before interest, taxes, amortization and amortization since 2019.
Xiaoju Kuaizhi, Didi’s holding company, has filed to offer U.S. Depositary Shares on U.S. exchanges, in a list scheduled for next month. The public debut will be a milestone for the company, which raised billions of dollars from Japan’s SoftBank while battling the first competition from Uber in its home market.
SoftBank, which has invested more than $ 10 billion in Didi, owned a 21.5 percent stake in the company through its Vision Funds, while Chinese Internet giant Tencent held a 6.8 percent stake. .
Uber, the ride-hailing company, owned 12.8 percent of the company after the sale of its Chinese business to Didi in 2016, in a stock-based treatment.
Didi would enter a hot market for the first public offerings, as well as a tense geopolitical environment for large Chinese technology companies at home and in the United States.
Last month, regulators convened leaders of Didi and nine other freight forwarding and freight forwarding companies to issue notices on their data and pricing practices. In the filings, Didi said he faced several risks in relation to his Chinese corporate structure and government relations.