Didi, the Chinese public transport giant, makes its debut on Wall Street

In April, Didi was one of nearly three dozen Chinese internet companies that were brought before regulators and ordered to ensure compliance with antitrust rules and “put the interests of the nation first.”

Didi quickly issued a statement, which the antitrust regulator posted on its website, promising to “promote the development and prosperity of socialist culture and science” and strictly obey the law.

Didi Dache was founded in Beijing in 2012 and merged with a Chinese rival, Kuaidi Dache, in 2015 to form Didi Chuxing. Although Uber tried to compete in the Chinese market, it eventually sold its Chinese operations to Didi in exchange for a stake in the company.

In a filing for its initial public offering, Didi said revenue fell 8 percent to $ 21.63 billion last year due to the pandemic. Didi lost $ 1.6 billion last year, although it reported a profit of $ 30 million in the first quarter of this year.

Although Didi is dominant in China and operates in 14 other countries, including Australia, Brazil, Mexico and Russia, its valuation is notably less than Uber’s $ 95 billion. Still, it dwarfs Lyft, America’s second-largest private transportation company, which is valued at nearly $ 20 billion.

Didi said it had the ability to continue growing as it expands its business into new international markets. “We aspire to become a truly global technology company,” wrote Didi founders Cheng Wei and Jean Liu, in a letter included with the presentation.

Didi was valued at $ 56 billion in 2017, and its investors include Japan’s SoftBank; Mubadala, an Abu Dhabi state fund; Alibaba and Tencent, China’s top two Internet Goliaths; and Apple, which invested $ 1 billion in 2016 to show its support for the Chinese market.

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