Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

UBER TECHNOLOGIES, INC.

(UBER)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Didi Chuxing, China's Ride-Hailing Giant, Unveils U.S. IPO Filing -- 2nd Update

06/10/2021 | 03:50pm EDT

By Corrie Driebusch

Didi Chuxing Technology Co., the Chinese ride-hailing behemoth, made its IPO papers public on Thursday, setting the company up to raise billions and begin trading publicly in the U.S. in July.

Didi, which filed under its formal name of Xiaoju Kuaizhi Inc., could fetch a valuation upward of $70 billion, people familiar with the matter said, a number that could stretch even higher amid investors' ravenous appetite for newly public, high-growth companies.

The company is expected to raise roughly 8% to 10% of the valuation amount in the offering, people familiar with the matter said, money the company says it will use to invest in technology, grow its business outside of China and introduce new products.

Much like Uber Technologies Inc. in the U.S., Beijing-headquartered Didi operates a smartphone app where users can hail rides, as well as regular taxis and carpooling services. Didi is known for successfully pushing Uber out of China, winning a bruising price war that ended in 2016 when Uber merged its China unit with Didi in exchange for a stake in Didi.

Didi hasn't yet selected an exchange but said it plans to list its American depositary shares under the symbol DIDI.

For the full year 2020, the filing shows the company posted revenue of 141.74 billion Chinese yuan, equivalent to $21.63 billion, down 8.4% from a year earlier as the coronavirus pandemic led to quarantines, travel restrictions and limitations on public gatherings.

Like many technology startups, Didi has a history of losing money, though in the first three months of 2021, it posted a profit of 196 million yuan, or about $30 million. For 2020, it posted a net loss of 10.68 billion yuan, equivalent to $1.63 billion, and it also lost money in the full years 2018 and 2019.

In comparison, Uber posted full-year revenue of $11.14 billion in 2020, with a loss of $6.77 billion.

The value of all transactions on Didi's platform fell by nearly a third in the first three months of 2020 from a year prior, hurt by the pandemic, and didn't start growing again until the second half of 2020.

Didi was founded in 2012 by Cheng Wei, a technology whiz who previously worked at e-commerce giant Alibaba Group Holding Ltd., and merged with a domestic rival in 2015 to gain scale. Now 38 years old, Mr. Cheng was worth $2.8 billion last year, according to Shanghai research firm Hurun Report. He owns 7% of the company's shares and controls 15.4% of its voting power before the IPO, according to the filing.

Other high-profile investors in Didi include SoftBank Group Corp., which owns 21.5% of the company prior to the IPO; Uber, which owns 12.8%; and Tencent Holdings Ltd. entities, which own 6.8%.

While several rivals have emerged in China in recent years, Didi retains overwhelming dominance in a Chinese ride-hailing market that could be worth $99.5 billion by 2023, according to Daxue Consulting, up from $53.5 billion in 2019. Didi operates in 14 countries outside China, though its home market accounts for most of its journeys.

Last year Didi entered China's fiercely competitive food-delivery sector, which is currently dominated by tech giants Alibaba and Meituan. It also runs a logistics service enabling users to book vans with drivers to transport goods in or between China's main cities.

Earlier this year, Didi was one of several big tech companies fined by Chinese regulators for alleged monopolistic practices. Last month regulators summoned Didi and nine other mobility companies for a warning over their treatment of drivers.

Like other technology companies, Didi is now moving to develop its own electric vehicles with help from legacy auto players. Last month it formed a strategic partnership with state-run auto maker Guangzhou Automobile Industry Group to develop autonomous EVs. Didi began working on autonomous-driving capabilities in 2016, and launched a robotaxi service in Shanghai last year.

Julie Steinberg contributed to this article.

Write to Corrie Driebusch at corrie.driebusch@wsj.com

(END) Dow Jones Newswires

06-10-21 1750ET

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.33% 212.3 Delayed Quote.-8.78%
DJ INDUSTRIAL -1.58% 33290.08 Delayed Quote.10.51%
GUANGZHOU AUTOMOBILE GROUP CO., LTD. 3.09% 7 End-of-day quote.-18.79%
MEITUAN 3.66% 300.6 End-of-day quote.2.04%
SOFTBANK GROUP CORP. -0.80% 7834 End-of-day quote.-2.78%
TENCENT HOLDINGS LIMITED 0.67% 603 End-of-day quote.6.91%
UBER TECHNOLOGIES, INC. 0.00% 49.7 Delayed Quote.-2.55%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.45568 Delayed Quote.-0.54%
All news about UBER TECHNOLOGIES, INC.
06/17U.S. safety agency probes 10 Tesla crash deaths since 2016
RE
06/17UBER TECHNOLOGIESá : The Road to Recovery – $4.5 Million in Grants to Supp..
PU
06/17ALFI Installs 10,000 Digital Screens in Ubers, Lyfts Vehicles in Miami, 9 Mor..
MT
06/16EXCLUSIVE : China's IPO-bound Didi probed for antitrust violations - sources
RE
06/16LYFTá : says wait times decrease as U.S. drivers mark gradual return
RE
06/16EXCLUSIVE : Uber investor Lead Edge Capital raises $150 million for public equit..
RE
06/15Alfi Agrees to Ship 10,000 Digital Tablets to Uber, Lyft Drivers
MT
06/15UBER TECHNOLOGIESá : Thinking about buying stock in Clearside Biomedical, Uxin, ..
PR
06/15LYFTá : launches EV rental pilot program for ride-hail drivers in Northern Calif..
RE
06/15Walgreens to Offer Products on Uber Eats
DJ
More news
Financials (USD)
Sales 2021 15 615 M - -
Net income 2021 -2 567 M - -
Net Debt 2021 3 970 M - -
P/E ratio 2021 -37,2x
Yield 2021 -
Capitalization 93 336 M 93 336 M -
EV / Sales 2021 6,23x
EV / Sales 2022 4,25x
Nbr of Employees 22 200
Free-Float 98,4%
Chart UBER TECHNOLOGIES, INC.
Duration : Period :
Uber Technologies, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends UBER TECHNOLOGIES, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 40
Average target price 69,25 $
Last Close Price 49,70 $
Spread / Highest target 61,0%
Spread / Average Target 39,3%
Spread / Lowest Target -39,6%
EPS Revisions
Managers and Directors
NameTitle
Dara Khosrowshahi Chief Executive Officer & Director
Nelson J. Chai Chief Financial Officer
Ronald D. Sugar Chairman
Sukumar Rathnam Chief Technology Officer
Yasir bin Othman Al-Rumayyan Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
UBER TECHNOLOGIES, INC.-2.55%93 336
TENCENT HOLDINGS LIMITED6.91%738 978
NETFLIX, INC.-7.40%222 043
PROSUS N.V.-4.72%160 586
AIRBNB, INC.3.90%92 781
NASPERS LIMITED1.02%87 916