Didi, China’s riding sharing leader, on Thursday took a step toward a U.S. listing that could be one of the year’s largest IPOs.
The offering would test investor interest in China businesses with have high-revenue growth yet are losing money. Didi reported a $1.6 billion loss in a U.S. IPO filing, on revenue last year was $21.6 billion. The company, which filed under the name Xiaoju Kuaizhi, made a net profit of $837 million in the first quarter on revenue of $6.4 billion. However, its loss on operations in the first quarter more than doubled to $1 billion.
Didi serves more than 493 million annual active users on our platform and facilitated 41 million average daily transactions for the 12 months ended March 31, 2021, according to figures in the company’s prospectus. It operates in 15 countries and nearly 4,000 cities, counties and towns, mostly in China.
The move comes as China’s economy – the world’s second largest – continues to recover from last year’s Covid setback. The country enjoyed 18% year-on-year growth in GDP in the first quarter from a year earlier.
Continue reading Didi, The Uber Of China, Files For U.S. IPO As China Covid Recovery Continues on Forbes
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