Bloomberg reports that Didi Global, the leading ride-hailing app provider in China, is preparing to enter the Hong Kong stock market in 2024. This comes after the company’s IPO on the New York stock market in 2021, which was subsequently investigated by Chinese authorities, leading to Didi’s delisting from the New York stock market.
During its delisting period, Didi collaborated with Chinese regulatory agencies to address various issues, particularly market monopolization. The company was fined approximately 8 billion yuan last year and underwent restructuring. Currently, Didi’s market share in China stands at 70%, a significant decrease from its previous dominance of around 90%. Additionally, the company’s off-market valuation has decreased from $80 billion to approximately $16 billion.
TLDR: Didi Global, the largest ride-hailing service in China, is planning to enter the Hong Kong stock market by 2024. After facing investigations and delisting from the New York stock market, Didi has been collaborating with Chinese regulators to address issues of market monopolization. The company has seen a significant decrease in market share and valuation, with its off-market value dropping from $80 billion to $16 billion.