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
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
