NAME: Didi Chuxing’s IPO on the NYSE
LAW FIRM: Fangda Partners, Han Kun Law Offices
PRACTICE AREA: Capital markets
INDUSTRY SECTORS: Consumer goods and services, Technology and telecommunications
Didi Chuxing’s US IPO is our deal of the month for June.
Fangda Partners and Han Kun Law Offices have advised China’s largest ride-hailing company Didi Chuxing on its $4.4 billion IPO on the New York Stock Exchange. The listing was set to be the biggest US share sale by a Chinese company since Alibaba raised $25 billion in 2014. Fangda acted on the PRC matters throughout the deal, with Han Kun advising the underwriters.
According to Didi’s IPO prospectus, it said that it has over 493 million annual active users and has powered 41 million average daily transactions in the past twelve months. Part of the proceeds raised from the IPO will be contributed to a new mobility paradigm based on a shared mobility network augmented by renewable energy and autonomous driving.
Formerly known as Didi Dache and Didi Kuaidi, Didi Chuxing Technology provides app-based transportation services, including taxi hailing, delivery and automobile services. The company is also known for successfully pushing Uber out of the Chinese market after winning a price war in 2016.