News
New York
Didi, the Chinese ride-hailing “Goliath”, sold more stock than originally planned when it floated on the New York Stock Exchange on Tuesday, raising about $4.4bn, says Corrie Driebusch in The Wall Street Journal. It achieved a market capitalisation of $67bn, which trails Uber’s $95bn, but beats Lyft’s $20bn. Investors were intrigued by the company’s scale and growth potential; it will have caught their eye that 70% of China’s population will live in cities by 2030, but few of them will own cars. How the stock trades will depend on the firm’s ability to continue selling itself, as well as investors’ willingness to “brush aside” the potential risks of investing in US-listed Chinese companies as the US and China continue to clash. Didi is investing heavily in artificial intelligence and electric vehicles. It stumbled after the pandemic hit when ridership slowed owing to restrictions, with transactions dropping by a third in
