Chinese Rideshare Giant Didi Files For US IPO

It’s a landmark time for the business world, as one of the biggest tech giants from China has filed for…

Didi logo

It’s a landmark time for the business world, as one of the biggest tech giants from China has filed for an IPO on the US markets. That giant is Didi Chuxing, China’s biggest ride-hailing company just like Uber in the US.

  • As one of the biggest privately-held tech companies in China that’s only surpassed by TikTok owner ByteDance, Didi’s IPO has been long-awaited. Now, the filing for that has dropped upon us like a quiet bomb.
  • As usual, we’ll be dissecting some important information from Didi’s F-1 filing, especially its revenue figures. The F-1 provides long-awaited insight into the business of Didi as China’s premier on-demand transportation company.


  • Didi reported $21.6bn in revenue in 2020, up 11% from the previous year. It wasn’t profitable on a net basis for that year, reporting a $1.6bn net loss.
  • However, in the first quarter of 2021, Didi declared a net income of $837mn (before certain shareholder payouts) on $6.4bn in revenue. Meanwhile, its comprehensive net income for the quarter was $95mn.
  • Some of Didi’s Q1 net income comes from declared gains on investments related to spin-offs and divestments. Didi has equity stakes in some competing ride-hailing companies globally such as Grab in Southeast Asia and Bolt in Europe.
  • Didi says it has 493 million annual active riders and 15 million annual active drivers.


  • Didi’s IPO is expected to be one of the biggest for a tech company this year. For a hint, this company was most recently valued at $62bn by investors, according to PitchBook data.
  • Going into its IPO, major Didi shareholders include SoftBank (21.5% pre-IPO stake), American rival Uber (12.8%), and Tencent (6.8%). Along with them are CEO Wei Cheng (7%) and President Jean Liu (1.7%).
  • Rumors have it that Didi could have a $100bn valuation at its IPO debut.
  • Didi filed an F-1 document under the name of its parent company, Xiaoju Kuaizhi. It plans to list American depositary shares on either the Nasdaq and New York Stock Exchange under the symbol “DIDI”.

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