Caixin

How Didi's rush to raise funds in US backfired

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

20210713 Caixin Didi US RC2BGO9YJSRT

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

QIAN TONG, LIU CAIPING, YUAN RUIYANG, GUAN CONG, QU YUNXU and DENISE JIA, Caixin
July 14, 2021 14:01 JST

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.

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