One year after Didi’s exit from the New York Stock Exchange following Beijing’s tech crackdown, the Chinese ride-hailing giant boasts a market value around $14 billion as of Tuesday’s close, reports Bloomberg. That’s larger than any other firm whose shares are primarily quoted over-the-counter in the US, and even puts it in the top 11% of NYSE-listed firms, when including American Depositary Receipts, data compiled by Bloomberg show.
The stock still appeals to some seasoned institutional investors, even though its delisting from the NYSE forced many others to dump positions. Davis Selected Advisers’ $6.1 billion New York Venture Fund, Macquarie Group’s $5 billion Delaware Emerging Markets Fund and France’s Carmignac are among those holding Didi, according to filings at the end of May. The funds declined to comment.
Such a lineup is rare for companies traded on OTC markets, which are home to thousands of tiny firms unable to meet listing requirements of main exchanges. OTC trading tends to be dominated by retail investors due to the heightened market volatility and limited transparency. But Didi has bucked that trend, partly because it has indicated a plan to list in Hong Kong, which would likely lure investors and buoy the shares.