Chinese mobility firm Dida files to go public in Hong Kong

Backed by Chinese electric vehicle major Nio and private equity firm IDG Capital, Dida was able to capture 66.5% of China’s carpooling market in 2019, the report said, citing a summary from research firm Frost & Sullivan. The study also ranked Dida as the second-largest online mobility platform in China in terms of number of rides during the same year.

In 2018 and 2019, the company facilitated roughly 48.2 million and 178.5 million rides, respectively. According to the report, Dida became profitable last year after logging 172.4 million yuan in adjusted net profit for 2019. The company also posted 150.8 million yuan in adjusted net profit as of the six months ended June 30, 2020.

In addition to Dida, its Softbank-backed rival Didi Chuxing is reportedly preparing for its IPO in Hong Kong, with investors looking to cash in on the Beijing-based ride-hailing company.