Chinese ride-hailing giant Didi Global makes $68bn US debut

Sun Online Desk

1st July, 2021 12:18:07 PM printer

Chinese ride-hailing giant Didi Global makes $68bn US debut

Chinese ride-hailing giant Didi Global has ended its first day on the New York Stock Exchange with a valuation of $68.49bn (£49.6bn).

That is even as its shares closed just 1% higher than their $14 offering price after slipping back from earlier strong gains.

China's answer to Uber raised $4.4bn in the Initial Public Offering (IPO).

It is the latest in a series of Chinese companies to cash in on the booming US stock market.

Didi had originally hoped for a valuation of as much as $100bn. Didi, like the majority of ride-hailing platforms, had been loss-making until it reported a $30m profit for the first three months of this year.

The company's founder Cheng Wei has said he had the idea to launch a ride-hailing platform in 2012 after he struggled to book a taxi on a freezing night in Beijing.

(BBC)


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