DiDi may Go Public in Hong Kong Next Year, Targeting a Valuation of over HKD 600 billion

Industrials Author: EqualOcean News Editor: Li Linglong; Peng Lina Oct 20, 2023 10:41 PM (GMT+8)

DiDi Global Inc.(滴滴出行) plans to list on Hong Kong Exchanges and Clearing Limited in 2024, targeting a valuation of more than HKD 600 billion.


DiDi, which began operations in 2012 through Beijing Xiaoju Technology Co., Ltd, is a global mobile mobility technology platform that provides diversified mobility services such as online taxi, cab summoning, chauffeur-driven, and ride-sharing, as well as car service, takeaway, and freight transportation in many countries in Asia-Pacific, Latin America, and other countries.

DiDi's international business covers more than a dozen countries, including China, Japan, Argentina, Australia and Brazil. In the 12 months to March this year, DiDi's global annual active users reached 587 million, and the annual active driver scale reached 23 millio. Among them, China's travel business alone has 411 million annual active users and 19 million annual active drivers. DiDi's total revenue reached RMB 48.848 billion in the second quarter of 2023, up 52.6% year-on-year. The growth rate of revenue has increased compared to the same period last year, indicating that the overall scale of DiDi's business is expanding.

The global mobile travel services market size reached USD 343 million in 2023 and is expected to reach USD 1.49 billion by 2031, growing at a CAGR of 15.8% during the period. Increasing smartphone and internet penetration is the key driver for the growth of the mobile travel services market.

Mobile travel service has a broad market prospect in the age of information technology, and many enterprises have put their eyes on it. Domestically, there are T3(T3出行), CaoCao(曹操出行), and GoFun(首汽出行), etc. Overseas, there are Uber, Google Map, Cabify and so on.

DiDi had been listed on the New York Stock Exchange in 2021 and delisted in June 2022. The new listing in Hong Kong may mean a long-awaited return for DiDi's investors and employees, and major contributors to DiDi such as SoftBank Group(软银集团) may be able to recoup some of their losses through the new listing.