Didi Chuxing, the Chinese ride-hailing firm, made its preliminary public providing submitting public on Thursday, as ride-hailing providers start reviving with the receding of the pandemic.
Founded in Beijing in 2012, Didi started as a taxi-hailing service earlier than increasing into different types of transportation. In 2015, it merged with one other Chinese rival, Kuaidi Dache, to type what grew to become Didi Chuxing.
Didi has since been dominant in China. In 2016, Uber, which had been spending closely to develop in China, offered its Chinese operations to Didi. (Uber was granted a stake in the ensuing firm.) Didi now operates in 15 international locations, together with Brazil and Mexico.
The firm’s I.P.O. is more likely to be carefully scrutinized amid a wave of different expertise choices and as Beijing has begun to rein in home tech giants. Didi was valued at $56 billion in 2017 and its traders embrace SoftBank of Japan and Mubadala, an Abu Dhabi state fund.
Didi’s submitting, made beneath its formal identify, Xiaoju Kuaizhi, confirmed that revenues declined eight p.c to $21.63 billion final 12 months as passenger numbers slid through the pandemic. The firm misplaced $1.6 billion final 12 months, although it reported a revenue of $30 million in the primary quarter of this 12 months. Like most ride-hailing corporations, Didi has traditionally been unprofitable.
Didi mentioned that an I.P.O. would fund an growth.
“We aspire to become a truly global technology company,” Didi’s founders, Cheng Wei and Jean Liu, wrote in a letter included with the submitting. “What we have learned and built is relevant across the globe — in Latin America, Russia, South Africa or anywhere where affordable, safe and convenient mobility is valuable.”
Other ride-hailing providers have reported that enterprise has been recovering. Last month, Uber mentioned income for the primary three months of the 12 months — excluding the prices of a settlement — was up eight p.c from a 12 months in the past, to $three.5 billion. The firm misplaced $108 million.