Didi IPO would give Hong Kong its dream comeback

DiDi Global

19/06/2024 04:42

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own.)
    By Hudson Lockett
       HONG KONG, June 19 (Reuters Breakingviews) - Hong Kong
listings have raised a paltry $1.5 bln this year. To restore
animal spirits, the city needs a big offering from a well-known
Chinese firm to showcase Beijing's support for offshore share
sales and the end of tech crackdowns. Few tick as many boxes as
the ride-hailer. 
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    CONTEXT NEWS
     Didi Global has been meeting with U.S. investors in recent
months about the possibility of a Hong Kong IPO in 2025,
according to The Information. The company says it has no
timetable for a listing yet.
    Initial public offerings in Hong Kong have raised $1.5
billion so far in 2024, 22% lower than in the same period last
year, according to data from Dealogic.
    ($1 = 7.2475 Chinese yuan renminbi)

(Editing by Una Galani and Aditya Srivastav)
((For previous columns by the author, Reuters customers can
click on  LOCKETT/   hudson.lockett@thomsonreuters.com;))