HONG KONG: China’s top ride-hailing firm Didi Chuxing is leaning toward picking New York over Hong Kong for its initial public offering IPO), eyeing a valuation of at least $100 billion via the float, two people with direct knowledge of the matter told Reuters.
Didi has also discussed the option of listing via a special-purpose acquisition company (SPAC), multiple people said, referring to a blank-check firm with capital raised in a US IPO that would then merge with a target. But they said the SPAC option was seen by Didi as less viable given its valuation target.
A separate person close to Didi said the company is also considering a second listing in Hong Kong if its US IPO takes place.
Beijing-based Didi, which is backed by technology investment giants SoftBank, Alibaba and Tencent, said it doesn’t have a definite plan regarding its listing destination nor timeline.
The people with knowledge of the matter spoke to Reuters on condition of anonymity as the information was confidential.
Two of them said the preference for New York as a listing venue partly reflects concerns that a Hong Kong IPO application could run into tighter regulatory scrutiny over Didi business practices, including the use of unlicensed vehicles and part-time drivers.
Shanghai authorities fined Didi for using unlicensed vehicles multiple times in 2019. Back then, Didi responded by launching a campaign to improve safety for passengers.
Another advantage Didi sees in a New York IPO is a more predictable listing pace and a deeper pool of capital as soon as the second quarter, one person said, referring to the momentum now lifting US stock markets.
Hong Kong stock exchange operator HKEX said it doesn’t comment on individual companies.
China’s Didi leans toward New York over Hong Kong for IPO, eyeing at least $100bn valuation – sources
https://arab.news/6pncg
China’s Didi leans toward New York over Hong Kong for IPO, eyeing at least $100bn valuation – sources
- Didi has also discussed the option of listing via a special-purpose acquisition company
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
