Chinese Uber Rival Didi Chuxing Valued at $80 Billion, Aims For IPO Soon
After smartphone and electronics maker Xiaomi picked Hong Kong for a $10 billion listing, China's biggest ride-hailing behemoth, Didi Chuxing, could be the next in line.
After months of anticipation, Didi Chuxing, Uber's former Chinese rival, is considering an initial public offering in Hong Kong that is expected to value the company at up to $80 billion, an anonymous source told Hong Kong Economic Times. Didi is preparing to list as early as the second half of this year in Hong Kong and is open to options including weighted voting rights, said the unnamed people familiar with the situation.
The Beijing-based company is expanding globally. Just a few months after Didi acquired Brazilian ride-hail app 99, the company announced last month that it had launched in Mexico with a website advertising its service to drivers and passengers. A spokesman for Didi Chuxing Technology Co. told Reuters that it would launch the service first in Toluca, paving the way for a battle with rival Uber Technologies Inc. in the region.
This is not the first time Didi has picked a fight with Uber. In 2016, Didi succesfully drove Uber out of China after months of a fierce multibillion-dollar battle for the largest ridesharing market in the world.
Now, Didi is reportedly considering an IPO by the end of this year, potentially putting it ahead of Uber, which plans to go public in 2019, according to a CNN report.
Didi Chuxing is backed by Chinese internet giants Tencent and Alibaba, and has also invested in Uber's rival taxi-booking service, Lyft.