(Sharecast News) - Chinese ride-hailing firm Didi Chuxing is considering the Hong Kong stock exchange for its initial public offering next year after discarding the option of a New York listing due to rising tensions between Beijing and Washington.
The multibillion-dollar initial public offering will be backed by technology investment giants SoftBank, Alibaba and Tencent.
According to Reuters, Didi is targeting a valuation of more than $60bn by the time of IPO launch, which is expected to happen in the first half of 2021.
Didi is also considering a new fundraising round ahead of the IPO, Reuters reported.
However, the company said it doesn't have any "definitive" IPO plan or timeline.
Plans for a Hong Kong listing come after Didi decided against a US IPO where shares of rivals such as Uber and Lyft are traded. Didi changed tack in response to deteriorating US-China relations which had already left Chinese companies such as ByteDance in the crosshairs.
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