Chinese Car-Sharing Company Didi Chuxing Rises 3% on First Day of NYSE Listing

No Significant Surge Amid Antitrust Investigation Concerns
Second Largest US Stock Market Listing by a Chinese Company Ever

[Asia Economy New York=Correspondent Baek Jong-min] China’s largest ride-sharing company Didi Chuxing failed to generate hype but successfully completed its IPO on the New York Stock Exchange.

[Image source=Reuters Yonhap News]

Didi Chuxing started trading on the New York Stock Exchange on the 30th (local time) at $16.5, up $2.65 (19%) from the offering price of $14.

Afterwards, the price increase narrowed, and as of 2:15 PM, it was trading at $14.55, up 3.8% from the offering price.

Didi Chuxing’s market capitalization stands at $71.4 billion, falling short of the $94.5 billion of the leading U.S. ride-sharing company Uber. This is seen as reflecting concerns over the antitrust investigation by Chinese authorities that emerged during the listing process.

The market had predicted that Didi Chuxing could be valued at $100 billion. Last year, through its final round of investment, Didi Chuxing was valued at $62 billion. If Didi Chuxing had been valued at $100 billion, it could have surpassed Uber’s valuation.

Didi Chuxing raised $4.4 billion through this IPO. Alibaba, which went public in 2014, secured $25 billion through its IPO.

CNBC reported that although Didi Chuxing’s IPO fell short of expectations, it remains one of the largest U.S. IPOs in the past decade.

Through Didi Chuxing’s listing, Uber, which holds a 12.8% stake in the company, and SoftBank Vision Fund, which holds 21.5%, have benefited. Mirae Asset Group and Naver also hold shares in Didi Chuxing.

This content was produced with the assistance of AI translation services.