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SoftBank’s largest investment going for $62bINTL

SoftBank’s largest investment going for $62b

Didi Chuxing Technology, the Chinese ride-hailing company backed by SoftBank, is reportedly planning to go public as early as next quarter, taking advantage of its upbeat post-pandemic results.

Didi, which recently reported daily rides were at a record high (seems like China has things under control coronavirus-wise at the minute), is now aiming for a valuation above $62b. Hong Kong could be one of the potential IPO destinations for Didi, but the preferred stock market is still up for debate.

The ride-hailing giant’s ultimate goal is to expand into e-commerce and tap the European markets, where it will have to compete against names like Uber and Bolt. A stock market debut will allow it to fund these ambitions, as well as start investing in electric vehicles and autonomous driving — which is where all the PR is at these days.

why it matters
There have been lots of successful Asian IPOs in the US tech sphere this year (Coupang, we see you!), so this would be the cherry on top of the cake for a company that managed to rebound from Covid-19 quicker than a tennis ball.