Didi Chuxing, the Chinese ride-sharing company, made its initial public offering filing on Thursday, as private transportation services begin to revive with the rollback of the pandemic.
Founded in Beijing in 2012, Didi started out as a taxi service before expanding into other forms of transportation. In 2015, it merged with another Chinese rival, Kuaidi Dache, to form what became Didi Chuxing.
Didi has been dominant in China ever since. In 2016, Uber, which had spent a lot to grow in China, sold its Chinese operations to Didi. (Uber was awarded a stake in the resulting company.) Didi now operates in 15 countries, including Brazil and Mexico.
The company’s IPO is likely to be closely scrutinized amid a wave of other tech offerings and as Beijing has begun to control domestic tech giants. Didi was valued at $ 56 billion in 2017 and its investors include Japan’s SoftBank and Mubadala, an Abu Dhabi state fund.