China’s Ride Hei Ling conglomerate’s drop-by-line jumped more than 17% from its debut on the New York Stock Exchange (NYSE) on June 30 and valued the SoftBank-backed company at $80 billion. As reported by CNBC, the stock’s share price started trading at $16.65 a share and rose nearly 19% of the $14 a share home price.
Dide set a price for a large offering of 316.8 million U.S. Depositary Securities at the upper limit of the $13 to $14 range and raised $4.4 billion.
It is the largest U.S. stock sale by a New York-listed Chinese company since Alibaba raised $25 billion in 2014. The
Didi listing is also the latest Chinese company to pioneer US capital markets despite tensions between Washington and Beijing. Continue. In
, the largest Chinese listing in the United States to date raised $ 1.6 billion to the Full Truck Alliance, often referred to as the “Ovo for Trucks.” Investing in technology
Didi, backed by giants Alibaba, Tencent and Uber, was founded by Cheng Wei in Didi Dache in 2012 with a taxi calling app. It merged with fellow Kuaidi Dache to become Didi Kuaidi, later renamed Didi Chuxing. Didi, the world’s largest mobility technology platform, continued to acquire Uber’s China operations in 2016, with a San Francisco-based company now holding a 12% stake.
In 2018 Didi announced that it would invest $ 1 billion in the automotive services business. We have also made significant investments to expand our core business beyond the domestic market by funding or launching services to local partners.
According to a recent filing to the authorities, it currently operates in 4,000 locations in 16 countries and has more than 490 million active users per year.
My name is Mayank Bansal I have a keen interest in writing about the latest happenings in business and market. I am a news writer at review minute.