Didi Shares Gain 5%. The Chinese Ride-Hailing Giant Opens for Trading.

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Barron's 30 June, 2021 - 02:21pm 53 views

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In a research note, Xiao said Didi has a secure position, dominating the Chinese ride-sharing market, with a share of more than 80%, multiple years of growth, and “best-in-class margins.” The continuing recovery from the Covid-19 pandemic should benefit the company in the near term, she said. barrons.comBuy Didi Global Stock, Analyst Says. It Began Trading Today.

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Didi Global, the Uber of China, delivered one of the year’s biggest IPOs, raising $4.4 billion. 

On Wednesday, shares of Didi (ticker: DIDI) opened at $16.65, reached a high of $18.01 and then dropped. The stock tumbled to a low of $14.10, a dime above its IPO price. This means Didi traded close to its $14 offer price and was in danger of being considered a broken deal if it drops further. In late afternoon trading, the stock rebounded and recently changed hands at $14.69, up nearly 5% from its offer price.

The muted performance came during a busy day for IPOs. Didi was one of 10 companies that opened for trading on Wednesday.

The Chinese ride-hailing behemoth said it sold 316.8 million American depositary shares at $14, the top of its $13-to-$14 price range. Four such shares represent one class A ordinary share. The company announced on Wednesday morning that it had increased the size of the deal; it had planned on offering 288 million shares.

At $14.69 a share, Didi’s valuation stood at $76.4 billion on a fully diluted basis.

SentinelOne (S), the AI-powered cybersecurity platform, also began trading Wednesday. The stock kicked off at $46 and hit a high of $46.50. It recently traded at $42.10, up 20% from the offer price.

On Tuesday, SentinelOne collected $1.2 billion after selling 35 million shares at $35 each, above its expected price range. SentinelOne had filed to offer 32 million shares at $26 to $29 each, which it boosted to $31 to $32 a share on Monday.

Goldman Sachs, Morgan Stanley, and J.P. Morgan are the underwriters on the Didi offering.

Didi provides a smartphone app that lets users connect with vehicles and taxis for hire. Founded in 2012, it operates in nearly 4,000 cities, counties, and towns across 16 countries, its prospectus said. It had more than 493 million annual active users as of March 31. 

At $4.4 billion, Didi is the year’s second biggest IPO. Coupang (CPNG), which collected about $4.6 billion in March, remains the year’s largest IPO, Dealogic said.

Write to luisa.beltran@barrons.com

Didi Global, the Uber of China, delivered one of the year’s biggest IPOs, raising $4.

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Chinese ride-hailing company Didi became a retail favorite on its first day of trading

Business Insider 30 June, 2021 - 04:54pm

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Didi shares open at $16.65 in the Chinese ride-hailing giant's US debut

Yahoo News 30 June, 2021 - 03:06pm

The opening price represented a jump of 19% from Didi Global's IPO price of $14 per American depository share on Tuesday. The company said it sold 316.8 million shares to raise $4.4 billion, in the largest initial public offerings of a Chinese company in the U.S. since Alibaba's (BABA) $25 billion listing in 2014. 

Didi, founded in 2012, has grown to be the largest ride-hailing player in China. It has received backing from Softbank and Tencent, and Uber (UBER) sold its Chinese business to the company in 2016 and retains a 12.8% stake in the firm. Didi was founded and is led by Alibaba veteran Will Cheng, who most recently worked as vice president of the e-commerce behemoth's Alipay payments platform. 

While based in China, Didi also operates across 15 countries and in a total of about 4,000 cities, counties and towns. 

"We believe China is the best starting place for realizing our vision for mobility. China's massive and urbanizing population presents opportunities for new mobility services," Didi said in its prospectus. It cited data from China Insights Industry Consultancy Limited saying it anticipates China's mobility market to reach $3.9 trillion by 2040. "This will accelerate the rapid development of shared mobility and transform urban living." 

Didi has seen some choppiness in results over the past several years, with the pandemic weighing on what had been an upward trend in growth. Revenues were 141.7 billion yuan, or $21.6 billion, in 2020, compared to 154.8 billion yuan, or nearly $24 billion, in 2019. Net losses widened to 10.6 billion yuan, or $1.6 billion, in 2020 from 9.7 billion yuan, or about $1.5 billion, in 2019. However, this was narrower than the loss of 15 billion yuan, or about $2.3 billion, posted in 2018. 

Average daily transactions were 41 million in the 12 months ended in March 2021, and a total of 493 million annual active users were on the technology platform over that period. 

"Overall, we believe [the] pandemic headwind has been a bit milder for Didi as compared to Uber and Lyft’s ride-sharing business," Rohit Kulkarni, MKM Partners managing director, wrote in a note on Tuesday. "During 1Q ’20 and 2Q ’20, mobility bookings declined -42% and -15% on a y/y [year-over-year] basis, respectively, and have consistently increased on a y/y basis since then, unlike Uber and Lyft." 

Still, the company faces some regulatory concerns both in the U.S. and in China. Didi acknowledged meeting with China’s market regulators and other major Chinese. internet companies over antitrust concerns, and the firm wrote in its prospectus that, “We cannot assure you that the regulatory authorities will be satisfied with our self-inspection results or that we will not be subject to any penalty.” And domestically, the U.S. Senate recently passed a bill to crackdown further to delist U.S.-listed Chinese companies that decline to be audited to ensure they meet accounting standards.

“It’s important when we look at Q1 2021 earnings for the [major Chinese internet] companies, they’re tremendously strong. So despite these regulations, the companies are still doing well, they’re very, very critical parts of the domestic consumption story,” Brendan Ahern, KraneShares ETFs chief investment officer, told Yahoo Finance Live on Wednesday. “On the U.S. regulation … delisting would take many, many years to come and I think you’re seeing Chinese companies like Didi coming to the New York Stock Exchange because they don’t believe the delisting will ever happen.”

The technology platform enters the U.S. public market at the start of a hot summer for new listings. Companies from direct-to-consumer eye care company Warby Parker to salad chain Sweetgreen have announced their intentions to conduct initial public offerings. The companies are banking on an ongoing strong market backdrop for their debuts, with the S&P 500 up 14% for the year-to-date and hovering at all-time highs, and investors' appetite for growth stocks increasing as the economic recovery rolls on. 

The Renaissance IPO ETF, which includes a basket of recently public companies, has risen only 3.8% for 2021 so far, however, compared to its 107% rise in 2020. 

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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China's Didi Global Inc shares soared nearly 19% in their New York Stock Exchange debut on Wednesday, valuing the ride-hailing giant at $80 billion in the biggest U.S. listing by a Chinese company since 2014. SoftBank-backed Didi's stock opened at $16.65, compared with the initial public offering price of $14 per share. It had priced an upsized offering of 316.8 million American Depositary Shares at the upper end of its $13 to $14 range, raising $4.4 billion.

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(Bloomberg) -- Chinese ride-hailing giant Didi Global Inc. rose as much as 29% in its trading debut Wednesday after raising about $4.4 billion in a U.S. initial public offering.The company’s American depositary shares opened at $16.65, after pricing at $14 each. The shares were up 19% to $16.63 at 1:08 p.m., giving Didi a market value of about $80 billion. Accounting for stock options and restricted stock units, the company’s diluted value exceeds $83 billion.Didi sold 317 million shares after m

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DiDi Global Inc (NYSE: DIDI), famously known as Didi Chuxing Technology Co, priced 316.8 million shares at $14 per share in its upsized initial public offering. The estimated offering proceeds are $4.4 billion. It had previously planned to sell 288 million shares, at $13 - $14 per share. China's Uber Technologies Inc (NYSE: UBER) equivalent lowered its IPO valuation target from $100 billion to the $62 billion-$67 billion range due to China's growing crackdown on domestic internet firms. The shar

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