Didi Chuxing, China’s largest ride-hailing company, filed for its long-awaited initial public offering (IPO) in the US on Thursday, reported Caixin.
The company is facing multiple impending regulatory challenges and the filing to the Securities and Exchange Commission revealed that Didi lost RMB 35.3 billion ($5.5 billion) over the last three years. In spite of these issues, it touts the growth prospects of its developing autonomous-driving and electric-vehicle businesses.
The company listed its offering size as $100 million, a placeholder that’s likely to change. The company did not specify which exchange it would list on.
Didi turned a net profit of RMB 5.5 billion in the first quarter, primarily due to selling part of its stake in community group buying business Chengxin Youxuan, which offers subsidies and low prices to grab market share.