Didi Quashes Hong Kong IPO Rumors and Focuses on Core Operations

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Didi was delisted from the New York Stock Exchange in June 2021.

While several of China’s smaller ride-hailing platforms have filed for initial public offerings in Hong Kong, industry leader Didi Global Inc. has denied rumors about an IPO for next year, saying it has no timetable for an offering and is focusing on its core business of serving passengers, drivers, and partners.

The company told Caixin Tuesday that it maintains regular communication with investors to update them on business progress.

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Didi Global Inc. is focusing on core operations and has no set timetable for a new IPO, despite rumors.
Other Chinese ride-hailing firms like Dida Inc., Ruqi Mobility, and Caocao Chuxing are progressing with their IPOs in Hong Kong.
Despite slower revenue growth, Didi remains the industry leader with a gross transaction value of 19.4 billion yuan in 2023, and it posted a non-GAAP net profit of 1.36 billion yuan.

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Who’s Who

Didi Global Inc.: Didi Global Inc., China's ride-hailing leader, has denied rumors of an IPO in 2024, focusing on core operations. After delisting from the NYSE due to a national security investigation, it now trades over the counter. Despite slower growth and operational setbacks, including a GAAP net loss of 1.35 billion yuan, Didi retains its market dominance with a gross transaction value of 19.4 billion yuan in 2023.

Dida Inc.: Dida Inc. is one of the Chinese ride-hailing platforms making progress towards an initial public offering in Hong Kong. The company submitted its prospectus for listing on the Hong Kong Stock Exchange in March and passed the hearing in June.

Ruqi Mobility: Ruqi Mobility is a ride-hailing platform backed by Chinese state-owned automaker GAC Group. The company submitted its prospectus for listing on the Hong Kong Stock Exchange in March.

Caocao Chuxing: Caocao Chuxing, a Chinese ride-hailing platform, has made progress in its IPO plans by submitting its Hong Kong IPO prospectus in May. According to Frost & Sullivan, its gross transaction value in 2023 was 12.2 billion yuan. Despite these achievements, it remains behind industry leader Didi Global Inc. in market share and transaction value.

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What Happened When

June 2021：: Didi Global Inc. listed on the New York Stock Exchange.

Two days after its debut in June 2021：: Didi was hit by an investigation led by the Cyberspace Administration of China and was forced to delist.

By May 2022：: Didi stated that a listing would only happen after normal operations resumed with the completion of a review and rectification process.