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China tech

China's Dida Chuxing poised for Asia's first ride-sharing IPO

Startup hopes to raise up to $500m and could prompt rivals to go public

Dida Chuxing counts carpooling, which allows strangers to split the ride bills, and taxi-hailing as its two main businesses. (Source photo from Dida Chuxing website)

HONG KONG -- Dida Chuxing has jumped ahead of rival Didi Chuxing to apply for what looks to be Asia's first initial public offering out of the ride-hailing sector.

Backed by online retailer, New York-listed and the investment arm Chinese electric vehicle maker Nio, the six-year-old startup is expected to raise between $300 million to $500 million, two people familiar with the deal told Nikkei Asia on Friday.

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