China’s ride-hailing firm Didi files for US IPO

NEW YORK: Chinese ride-hailing firm Chuxing made public its filing for a US stock market listing, setting the stage for what is expected to be one of the world’s biggest initial public offerings this year.

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, backed by Asian technology investment giants SoftBank, Alibaba Group Holding and Tencent Holdings, plans to list on either Nasdaq or the New York Stock Exchange under the symbol “DIDI”, the company said.

Didi’s Chief Executive Officer 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.

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