Business News

Chinese ride hailing giant Didi’s shares ride over 17% after NYSE listing

Spread the love

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.

NEWS SOURCE

Recent Posts

As Ola’s Bhavish Aggarwal Faces Criticism, Zomato’s Deepinder Goyal Receives Praise for PR Savvy

The contrasting public images of two prominent Indian startup founders, Zomato's Deepinder Goyal and Ola's…

2 months ago

Singham Again Trailer Launch: What to Expect

The excitement is palpable as Ajay Devgn and director Rohit Shetty gear up for the…

2 months ago

Hardik Pandya Impresses with No-Look Ramp Shot and All-Round Performance in India’s First T20I Win Against Bangladesh

Hardik Pandya showcased his prowess as an allrounder in T20 cricket, contributing significantly with a…

2 months ago

New Haryanvi Song “Bahu Chaudhariya Ki” Launched by Aman Jaji and Pranjal Dahiya

HR Beat Production has unveiled its latest Haryanvi hit, "Bahu Chaudhariya Ki," featuring artists Aman…

2 months ago

Apple’s iPhone 16 Pro Max: Improved Battery Life and Camera Features, but Missing Key AI Updates

Apple's highly anticipated iPhone 16 series is set to launch on Friday, with the flagship…

2 months ago

Music Director Vipin Reshammiya, Father of Himesh Reshammiya, Passes Away at 87

Vipin Reshammiya, father of Himesh Reshammiya, has passed away at the age of 87. He…

2 months ago

This website uses cookies.