China’s car-hailing giant Didi Chuxing is planning an initial public offering in the United States. The company, which is the biggest competitor of Uber Technologies Inc. in China, is set to launch the IPO in 2018, according to an insider.
Alibaba Group Holding Ltd.'s IPO in 2014 set the record for having the most impressive stock market listing by a Chinese firm in the U.S.
If Didi's plan roceeds in 2018, it will probably break the record Alibaba as the firm is currently valued at about $25 billion and is now backed up by Apple Inc.
Reuters reported that Didi disregarded one of China's stock market flotation.
Meanwhile, a spokeswoman from Didi denied the existence of any IPO plan.
The company is focused on raising $3 billion to fund its latest innovations. Apple already invested $1 billion in Didi for its most recent funding round.
Previously, the company has achieved around $6.3 billion worth of investments. Research company CB Insights said that the money raised was made prior and after the merger.
Didi was previously known as Didi Kuaidi, until a merger from two companies backed up by Tencent and Alibaba resulted in the present Didi Chuxing.
Earlier this year, Bloomberg released a report regarding Didi's alleged New York listing to be targeted in 2017. However, the insider said that this is highly untimely.
As for performance, Didi makes 11 million rides per day. The outstanding figure is convincing enough for Apple to invest for the company's future endeavors.
On Monday, Didi President Jean Liu had a meeting with Apple's CEO Tim Cook. The latter stated that the investment that Apple made would aid the company's understanding of the Chinese market.
With Apple's investment, Didi is expected to receive more investments from other giants as big-time investors.