Didi Denies Plans for Hong Kong IPO in 2025: No Timetable at Present

The Information reported yesterday that Didi is preparing for a Hong Kong IPO in 2025. The article stated that as the business gradually improves, Didi recently made presentations to relevant investors and participated in conference calls with related banks.

Regarding the above rumors, Didi today denied them and stated that the company is currently focusing on continuously deepening its core business, better serving passengers, drivers, and partners, constantly improving product services and innovation capabilities to create long-term value for the industry and society. Didi has always maintained regular communication with investors to keep them updated on the company’s business progress. There is currently no timetable for an IPO.

Didi officially applied to delist from the New York Stock Exchange in June 2022. In July 2022, the Cyberspace Administration of China imposed a fine of RMB 8.026 billion on Didi Global Inc. based on laws and regulations such as the Cybersecurity Law, Data Security Law, Personal Information Protection Law, and Administrative Penalty Law. Didi Global Inc.’s Chairman and CEO Will Cheng and President Jean Liu were each fined RMB 1 million.

In the first quarter of 2024, Didi’s total revenue was RMB 49.1 billion, a year-on-year increase of 14.9%; net loss in the first quarter was RMB 1.35 billion. The Gross Transaction Value (GTV) of its core platform reached RMB 92.2 billion in the first quarter, an increase of 26.9% year-on-year.

In the first quarter of 2024, Didi’s core platform transaction volume reached 3.75 billion orders, an increase of 30.3% year-on-year. Among them, the total number of trips in China increased by 27.1% to 2.95 billion orders year-on-year, and the total number of international business orders increased by 44% to 790 million orders year-on-year. Based on this calculation, the daily average order volume for trips in China and international business reached a record high of 32.5 million and 8.7 million respectively.

SEE ALSO: Didi Reports An Adjusted EBITA Profit of 900 Million Yuan in Q1