Hong Kong-based ride-hailing giant Didi Global Inc. has denied rumors of a Hong Kong IPO and stated that it is focusing on its core business. The company is recovering from a setback in 2021 when regulators launched an investigation into its data handling practices, leading to its delisting from the New York Stock Exchange. Despite the challenges, Didi Global plans to have a public listing in Hong Kong this year. The company has already repurchased approximately 14.9 million American Depositary Shares (ADSs) for about US$54.4 million under its US$1 billion share buyback program [752f11b8].
Meanwhile, TikTok's Chinese parent company is attempting to overturn a new U.S. law that seeks to ban the app. The company claims that the bill was passed after classified briefings and is challenging the U.S. government over the issue [752f11b8].
In other news, smaller ride-hailing platforms in China are facing struggles amidst the dominance of industry leader Didi Global. Additionally, there has been a crackdown on Alipay and WeChat Pay's smaller peers, further consolidating the market [752f11b8].
China has made significant progress in surpassing its 2030 wind and solar energy goals. The country has been actively investing in renewable energy sources and has exceeded its targets ahead of schedule [752f11b8].
Chinese ride-sharing app Dida Inc has launched a Hong Kong IPO to raise up to HK$273.7 million ($35.06 million), according to regulatory filings. The IPO aims to raise $35 million. The company's regulatory filings indicate that it plans to use the funds for business expansion and technology development. Dida Inc is a major player in the Chinese ride-sharing market, competing with companies like Didi Chuxing and Meituan Dianping. The IPO comes as the company seeks to capitalize on the growing demand for ride-sharing services in China [6a9e9aa6].
Chinese autonomous-driving company WeRide is seeking to raise as much as US$440 million in a US initial public offering (IPO) and concurrent private placement. WeRide is offering 6.45 million American depositary shares (ADS) at US$15.50 to US$18.50 each. A group of investors agreed to buy US$320.5 million worth of ordinary shares via private placements, including Alliance Ventures, JSC International Investment Fund, and Get Ride. Automotive parts maker Robert Bosch agreed to buy as much as US$100 million worth of ADS at the IPO price. WeRide develops autonomous driving technology and is testing or deploying it commercially in 30 cities in seven countries. The IPO is being led by Morgan Stanley, JPMorgan Chase & Co, and China International Capital Corp. [0e81b180].
In the latest development, China-based autonomous driving start-up WeRide has received approval from the California Public Utilities Commission (CPUC) to test its driverless vehicles with passengers. This permit allows WeRide to ferry passengers in test vehicles, both with and without a driver. However, WeRide will not be allowed to offer rides to the general public or charge any fares. The company currently has 12 active vehicles and will operate in San Jose and nearby areas. WeRide first received permits from California to test its vehicles without passengers in 2021. The company also holds driverless permits in Singapore and the United Arab Emirates [6ad6a09c].
In a separate incident in China, a man surnamed Liu and his father planned a road-trip from Beijing to Zhangjiajie in Hunan province, central China in May. They decided to share the journey with a third-party passenger, or 'hitchiker', they found through the hitchhiking service Hellobike. The total fare was 2,263 yuan (US$315) plus more than 600 yuan in tolls, as shown on the app. However, Liu forgot to confirm that the other passenger had boarded, allowing the stranger to cancel the order via the app upon arrival. The passenger promised to transfer his share of the fare in cash after his company’s finance department opened. However, after eating, the passenger excused himself to go to the toilet then disappeared. He then blocked Liu on WeChat, giving him no choice but to report the incident to the police. With the help of the police, Liu was able to contact the man but he denied he owed any money. According to WeChat records Liu provided, the man gave various stalling excuses. The company said it would help the driver recover the money and reminded users to avoid conducting transactions outside the platform [968aa182].