According to persons familiar with the situation, Didi Global Inc., the largest ride-hailing startup in China, plans to list its shares on the Hong Kong Stock Exchange in 2019.
An inquiry for comment from Reuters received no response right away from Didi.
After the firm disobeyed Chinese officials by moving forward with a $4.4 billion offering in the United States in July of that year, it was delisted from the New York Stock Exchange in December of that same year.
Just days after Didi made its New York debut, the Cyberspace Administration of China (CAC) opened an inquiry into the company, citing the need to safeguard national security and the general welfare.
Didi recently announced new growth goals for the three years leading up to 2025, along with new incentives for both drivers and passengers, according to LatePost.
A long-running regulatory crackdown on Didi came to an official end in January when the business was granted permission to resume new customer registration and downloads through Chinese app stores for its ride-hailing service.
According to people familiar with the situation, Didi recently advised investors that it plans to maintain the pace between 10% and 15% over the next two years while aiming for a 45% year-over-year growth in daily orders in 2023.
According to this, the business expects to complete more than 29 million trips every day for the entire year, rising from its lowest point of about 20 million last January and reaching over 40 million by the end of 2025.
According to business insiders, the annual goal for this year is feasible because Didi started from a low base in 2022, when major Chinese cities were regularly subjected to Covid-19 lockdowns, which severely harmed the country’s ride-hailing industry.
According to its papers, the business delivered an average of 28.2 million rides per day in the first quarter of 2023, an increase of 42% from a year earlier, and raised that average to 29.4 million rides per day in the second quarter.
However, given the declining demand, Didi may have a difficult time achieving its lofty goals for 2024 and 2025. According to data gathered by the China Internet Network Information Center, there will be 437 million ride-hailing app users in China by the end of 2022, a decrease of almost 15.5 million from the amount for the previous year.
In recent months, the largest ride-hailing company in China has escalated its attempts to subsidise both drivers and passengers. According to a source, total subsidies could amount to RMB 26.6 billion ($3.6 billion) this year, above the previous record of 14%. This would represent 14.8% of the company’s total domestic income.
