Didi considering $60bn 2021 Hong Kong IPO

Chinese ride-hailing firm Didi Chuxing is considering the Hong Kong stock exchange for its initial public offering next year after discarding the option of a New York listing due to rising tensions between Beijing and Washington.

The multibillion-dollar initial public offering will be backed by technology investment giants SoftBank, Alibaba and Tencent.

According to Reuters, Didi is targeting a valuation of more than $60bn by the time of IPO launch, which is expected to happen in the first half of 2021.

Didi is also considering a new fundraising round ahead of the IPO, Reuters reported.

However, the company said it doesn’t have any “definitive” IPO plan or timeline.

Plans for a Hong Kong listing come after Didi decided against a US IPO where shares of rivals such as Uber and Lyft are traded. Didi changed tack in response to deteriorating US-China relations which had already left Chinese companies such as ByteDance in the crosshairs.