The deal values the company at more than $ 67 billion.
Didi said in a statement at the time that he “would not comment on unsubstantiated speculation from unnamed sources.” SAMR did not respond to a request for comment from CNN Business.
Despite the tensions, in 2020 it still recorded about $ 12 billion raised by Chinese companies on U.S. lists, according to data provider Refinitiv. Chinese companies have raised nearly $ 8 billion so far in 2021, more than triple the amount reached at the same point last year.
Didi is emblematic of both trends. His next debut will mark one of the top ten U.S. charts of the last decade, as well as the fourth U.S. IPO of a registered Chinese company, according to Dealogic.
But in recent months, the company has also considered a double listing in Hong Kong, according to a person familiar with the matter.
A Chinese champion
The company now presents itself as the world’s largest mobility platform, with users in China and 15 other countries, including Brazil, Mexico and Russia.
But it is still heavily dependent on its domestic market: more than 93% of its sales come from China.
Another third of the funding will be used to develop its technology in areas such as electric vehicle and autonomous driving. The rest will be used to create new products or services or other strategic investments. In their letter, Cheng and Liu said the company was exploring new launches in areas such as “transporting goods within the city, buying community groups and delivering food.”
Like many emerging companies, Didi has struggled to make a profit for years, despite earning billions of dollars in revenue.
Finally, he managed to change that this year, earning a net income of approximately $ 800 million for the quarter ended March.
“Didi is a fantastic industry-leading innovator,” Jim Breyer, founder and CEO of Breyer Capital, an investor, told CNN Business in an email. “I have the privilege of watching his leadership since I invested a few years ago and look forward to his next growth chapter.”
The company plans to list on the New York Stock Exchange under the symbol “DIDI”.
– CNN’s Beijing office, Julia Horowitz, Pamela Boykoff, Jill Disis and Diksha Madhok contributed to this report.
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