Ride-hailing App Dida Plans Hong Kong IPO Amid Market Challenges

Chinese ride-hailing company Did plans to issue up to 194 million common shares for its overseas listing on the Hong Kong Stock Exchange. The company has already received approval from the China Securities Regulatory Commission. As per regulations, Dida is required to report significant developments and the status of its listing through a designated information management system, while strictly adhering to relevant laws.

Dida has made four attempts to apply for an IPO in Hong Kong and has garnered the support of several renowned investment firms, including NIO Capital and IDG. In 2022, Dida held a 32.5% share in China’s domestic ride-hailing market, making it the second largest player. The company’s operations primarily consist of ride-hailing, smart taxi services, and advertising among other services, with ride-hailing forming the largest portion of its business.

Despite experiencing fluctuations in its net profit, Dida still intends to raise $500 million in funding. The safety incident involving Didi’s ride-hailing service in 2018 provided companies like Dida with opportunities to expand their own ride-hailing services. However, there has been a recent decline in the number of active drivers and passengers.

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