{"id":110389,"date":"2021-03-24T07:49:13","date_gmt":"2021-03-24T07:49:13","guid":{"rendered":"https:\/\/fin2me.com\/?p=110389"},"modified":"2021-03-24T07:49:13","modified_gmt":"2021-03-24T07:49:13","slug":"exclusive-chinas-didi-leans-towards-new-york-over-hong-kong-for-ipo-eyeing-at-least-100-billion-valuation-sources","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exclusive-chinas-didi-leans-towards-new-york-over-hong-kong-for-ipo-eyeing-at-least-100-billion-valuation-sources\/","title":{"rendered":"Exclusive: China's Didi leans towards New York over Hong Kong for IPO, eyeing at least $100 billion valuation – sources"},"content":{"rendered":"
FILE PHOTO: A man is seen under a Didi logo at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS\/Florence Lo\/File Photo<\/figcaption>

HONG KONG (Reuters) – China\u2019s top ride-hailing firm Didi Chuxing is leaning toward picking New York over Hong Kong for its initial public offering IPO), eyeing a valuation of at least $100 billion via the float, two people with direct knowledge of the matter told Reuters.<\/p>\n

Didi has also discussed the option of listing via a special-purpose acquisition company (SPAC), multiple people said, referring to a blank-check firm with capital raised in a U.S. IPO that would then merge with a target. But they said the SPAC option was seen by Didi as less viable given its valuation target.<\/p>\n

A separate person close to Didi said the company is also considering a second listing in Hong Kong if its U.S. IPO takes place.<\/p>\n

Beijing-based Didi, which is backed by technology investment giants SoftBank, Alibaba and Tencent, said it doesn\u2019t have a definite plan regarding its listing destination nor timeline.<\/p>\n

The people with knowledge of the matter spoke to Reuters on condition of anonymity as the information was confidential.<\/p>\n

Two of them said the preference for New York as a listing venue partly reflects concerns that a Hong Kong IPO application could run into tighter regulatory scrutiny over Didi business practices, including the use of unlicensed vehicles and part-time drivers.<\/p>\n

Shanghai authorities fined Didi for using unlicensed vehicles multiple times in 2019. Back then, Didi responded by launching a campaign to improve safety for passengers.<\/p>\n

Another advantage Didi sees in a New York IPO is a more predictable listing pace and a deeper pool of capital as soon as the second quarter, one person said, referring to the momentum now lifting U.S. stock markets.<\/p>\n

Hong Kong stock exchange operator HKEX said it doesn\u2019t comment on individual companies.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: A man is seen under a Didi logo at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. 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