10/30/2022 0 Comments Didi chinabased linkdoc ipotimes![]() market debut of Chinese ride-hailing operator Didi Global, which raised 4.4 billion in one of corporate China’s biggest New York IPOs in years, was rocked by. So far this year, a record US$12.5 billion by Chinese firms has been raised from 34 US listings, Refinitiv data shows, well up from the US$1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the US later this year, a review of the filings showed. Linkdoc, which is backed by Alibaba Health Information, had been due to price the deal today, determining how much money it would raise. ![]() US capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. Morgan Stanley and Bank of America declined to comment, while CICC did not respond to a Reuters request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It comes at a crucial time as well.It had planned to sell 10.8 million shares between US$17.50 and US$19.50 each. The move to roll out financial services is a way for the company, founded in 2012 in Beijing, to generate a new stream of revenue. DIDI CHINABASED LINKDOC IPOTIMES OFFLINEThe committee members responsible for safety will promote and implement safety reform work, invest in online and offline resources, and thoroughly improve our standards for safety," the company said, attributing the comment to both Cheng and Didi President Jean Liu. "Safety is the number one priority for our users. In a post on its official WeChat account, the company said it would create two top positions, a chief safety officer reporting to Cheng, and a chief information security officer reporting to chief technology officer Bob Zhang. To address the safety issue, Didi announced a reorganization plan last month. In 2017 too, two female customers were killed by their Didi drivers.Ĭonsidering the risks involved, the Ministry of Transport in late November 2018 said Hitch would remain offline until it corrected its safety problems, making things more difficult for Didi as far as profit was concerned. Both the women were using Didi's profitable carpooling Hitch service. Two passengers, both female, were killed in separate incidents involving Didi drivers. Besides this, Didi has come under fire over safety concerns. In September 2018, the company's chief executive and founder Cheg Wei sent an internal letter to employees, stating the company has not turned a profit during recent years, and suffered a net loss of 4 billion yuan ($582 million) in 2018's first half alone. ![]() Despite having a strong presence in China, the previous year didn't end on a happy note for the company. At its core, Didi, which has investments from the likes of Alibaba Group, Ant Financial Services Group and Apple, offers a range of transportation services for 550 million users, including taxi, express, premier, bus, designated driving, bike sharing and car sharing, ferried around by over 30 million drivers. The step to diversify outside the ride-hailing business comes after a year of safety scandals, and reported losses. ![]() DIDI CHINABASED LINKDOC IPOTIMES DRIVERSThrough its auto financing solutions, said Didi, it will work with its new auto solutions business to "expand a quality supply base for China's vibrant mobility market by creating effective links between top-tier drivers and partners and a high-quality supply of new energy vehicles, through competitive and reliable purchasing, leasing, trading and financing services". ![]()
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