China mobility technology platform DiDi files for IPO
Chinese ride-hailing company filed for an initial public offering through underwriters Goldman Sachs, Morgan Stanley and J.P. Morgan. The company intends to list American depositary shares on the Nasdaq Stock Market or New York Stock Exchange under the symbol "DIDI." It states: "We are the world's largest mobility technology platform. We reimagine urban living using transformative technologies to make mobility safe, affordable, convenient, and sustainable. We have been strategically building four key components of our platform that work together to improve the consumer experience: shared mobility, auto solutions, electric mobility and autonomous driving. We are the go-to brand in China for shared mobility, providing consumers with a comprehensive range of safe, affordable and convenient mobility services, including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility." China's mobility market is expected to reach $3.9 trillion by 2040, DiDi adds. Platform Sales for its China Mobility and International segments increased from RMB 18.7B in 2018, to RMB 24.2B in 2019 and further to RMB 34.7B in 2020, representing annual growth of 36.0%. For the three months ended March 31, it had platform sales of $1.7B for its China Mobility and International segments. Its revenues were RMB 135.3B, RMB 154.8B and RMB 141.7B in 2018, 2019 and 2020, respectively.