Didi Global all set to launch IPO soon, Becomes Profitable as Ride-Hailing Business Expands

Didi Global IPO: In the June quarter, the mobility technology platform, Didi Global made quite a good profit.

This is good news for the company as it is all set to launch its first IPO in Hong Kong.

The company’s over-the-counter shares went up by 2.3%, which shows that it is getting better after a few rough years.

Didi’s business took a hit after Beijing cracked down on the internet industry. Earlier, it defeated Uber Technologies in China and became the national champion.

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In 2022, the company was fined US$1.2 billion ($1.57 billion) and taken off of New York’s mainboard after it went ahead with an IPO even though the government told them not to.

In May, Jean Liu who is the co-founder of the company resigned from his position of president and board director. She helped plan the US launch and after that, she became a permanent partner and the chief people officer.

According to the reports, the company reported a net profit of 1.4 billion yuan ($256 million), which is a little bit lower than last year’s net profit.

The company revenue went up by 4.1% to 50.9 billion yuan. During that time, its foreign business, which includes Mexico and Brazil, grew by more than 39%.

Didi’s shares can only be traded over the counter in New York and are trading below to 2021 IPO price of US$14.

The company is all set to go public on the Hong Kong stock market, but the date hasn’t been announced yet.

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