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How Didi's rush to raise funds in US backfired

IPO of ride-hailer with sensitive data came amid crackdown on internet platforms

The ride-hailing giant's quiet overseas share sale was followed by a devastating regulatory backlash.    © Reuters

As one of the world's largest ride-hailing companies, with 493 million annual active users and 15 million drivers, Didi Global's $4.4 billion U.S. initial public offering (IPO) was exceptionally low-key.

No bell-ringing ceremony or executive speech took place at the New York Stock Exchange on the June 30 debut. Employees heard the news only several hours after the stock started trading and were told not to discuss the IPO publicly on social media. Didi founder Cheng Wei asked shareholders not to talk to media, an underwriter of Didi's IPO told Caixin.

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