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How rumours of Didi’s “IPO” got bigger, then burst

05/31/2016| 5:05:59 PM|

On Sunday, a document appeared on a Chinese tech news site. Stories concerning Didi's IPO spread like wildfire. However, Didi dismissed all the rumours as false on Monday.

China’s largest ride-hailing company, Didi Chuxing, found itself in the midst of a media storm. Over the past few days, Chinese media have been chasing a rumour that Didi were planning an IPO.

On Sunday, a document appeared on a Chinese tech news site. Stories concerning the IPO spread like wildfire.

The document claimed that Didi was raising funds from the public, and was planning a US IPO in 2018. The document also claimed that Didi would raise USD 72 million, with each investment being worth at least USD 1 million, and that with a valuation of USD 87 billion after the IPO, investors could expect a rate of return of 200 per cent.

However, Didi dismissed all the rumours as false on Monday.

“The document was obviously a faked one, with quite a few factual mistakes. Didi did not entrust any organisation or individual to raise funds from the public, and we will reserve the right to hold responsible those deceivers making up false information about Didi,” the company wrote in a statement.

Another rumour was that last week Didi would use Amap, replacing the Tencent Map currently in use. The rumour was strangled with Didi’s response, stating that Didi has been working closely with both Tencent Map and Amap, and that the cooperation would continue.

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TAGS: Didi | China | IPO
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