Didi said to be mulling New York IPO

China's HNA Group Co, the country's fourth-largest airline, is in exclusive talks with CWT Ltd, a listed Singaporean logistics firm, to buy a controlling stake worth around $1 billion.


Apple Inc may not need to wait that long before it reaps the benefits of investing $1 billion in Chinese car-hailing service Didi Chuxing.


Didi is targeting an initial public offering in New York next year, according to industry sources.


The timing will depend on how its battle with Uber Technologies Inc in China plays out, they said. Such a move may put the Chinese app ahead of its US rival in going public, with Uber having said it wants to hold off as long as possible.


China's biggest ride-hailing app, Didi is in the process of raising about $3 billion of funding, including Apple's $1 billion contribution, which has swelled it's valuation to about $26 billion, sources have said.


Already backed by Alibaba Group Holding Ltd and Tencent Holdings Ltd, Didi has reached break even in about half of the 400 Chinese cities it operates in as Uber spends heavily to win both drivers and riders.


"It's great timing because the company is on a tear in terms of winning market share and users, and that may not last forever, " said Li Yujie, an analyst with RHB Research Institute Sdn in Hong Kong.


The article transsshipment from China Daily