Didi's low-key listing rose by 1.43% on the first day, and Didi's listing was only 20 days, which was very fast. However, Didi did not hold a foreign media conference for this purpose, nor did it ring the bell. It can be said to be quite low-key. After stabilizing its position in the domestic market, Didi began to look overseas.
Didi's low-key listing rose 1.43% on the first day. There is no ceremony for Didi to go public. For enterprises, listing is the most worthy of publicity and celebration, but Didi listing is very low-key. On June 30, Didi officially landed in the US stock market with the code "Didi". According to the issue price, Didi's IPO is valued at about US$ 6,765.438 billion, with Morgan Stanley, JPMorgan Chase, Huaxing Capital and Goldman Sachs as underwriters.
Didi took only 20 days from the public delivery form to the official listing, and the speed was very fast. However, Didi did not hold a foreign media conference for this purpose, nor did it ring the bell. It can be said to be quite low-key. However, with Didi's current status and fame, it seems that there is really no need for publicity.
Looking back on the history of Didi, Cheng Wei, the founder of Didi, had the idea of creating Didi because he couldn't get a car under heavy snow. At first, Didi just wanted to make an online taxi reservation. Later, the categories began to be enriched: express train, special car, exclusive, flower pig, exclusive bicycle, public transportation ... At the same time, Didi continued to expand its business scope, gradually increasing freight, driving and running errands, and gradually forming a complete travel ecology. Later, it made efforts in hot areas such as group buying, take-away, and smart car manufacturing.
These actions have obvious effects. Didi's prospectus shows that as of March this year, Didi has launched business in more than 4,000 cities in five countries, with 493 million annual active users and 0/50,000 annual active drivers. The global average daily transaction volume is 465.438+0 million, and the total transaction volume of the whole platform is as high as 346.5438+0 billion yuan.
However, such achievements are hard-won. Before 20 18, the drip was generally smooth. After a fierce online car war, Didi has become the first travel platform in China, with more and more users. Ali and Tencent have also joined the ranks of investment Didi and become the targets of market and capital chasing.
After stabilizing its position in the domestic market, Didi began to look overseas and invested in many well-known overseas travel platforms, such as Ola, Careem in the Middle East and Taxify in Europe. At one time, it was evenly matched with Uber, which had the highest valuation in the global travel market with a valuation of more than 50 billion US dollars.
Originally, everything was developing on the established track, but the vicious hitchhiking incident of 20 18 Didi stopped the rapid development of Didi. Didi's operating philosophy and management methods were questioned by all parties, and its brand image and word-of-mouth once collapsed.
But looking back now, the incident at that time was not completely without positive significance: Didi realized its own shortcomings and began to carry out comprehensive safety rectification. To this end, it has invested more than 5 billion yuan, cleaned up more than 300,000 drivers, increased customer service personnel, increased technical safety investment, and no longer paid attention to data growth in KPI assessment.
It can be seen that Didi, which has experienced setbacks, has matured and made great progress in all aspects. These changes have also laid a more solid foundation for its successful listing today.
In addition, Didi has been trying to expand its business types in recent years and will do its best, which is conducive to expanding the valuation space of Didi. However, since April this year, Didi has excluded the most imaginative community group buying business from the main body of listing. Perhaps Didi still wants to concentrate on developing its main business, which also reflects its confidence in its main business.
On the whole, the next stage of Didi should still be based on the network car business. After all, "Let there be no difficult taxis in the world" is the original intention of Didi. After experiencing the suffering of survival and the glitz of capital, Didi seems to remember the original ideal. Judging from the actual situation, Didi has just been listed. It is not too late to consolidate the most sure business and then gradually focus more on other businesses.
Didi's low-key listing rose 1.43% on the first day. According to previous news, Didi has oversubscribed 10 times since it submitted the prospectus, that is, it has obtained orders of more than 40 billion US dollars, overfulfilled the original fundraising target of 4 billion US dollars ahead of schedule, and ended the subscription ahead of schedule.
Under the pursuit of capital, Didi's wealth-making movement has also received much attention.
Didi was founded on 20 12, and has experienced several rounds of financing and merger with Kuai and Uber China in 9 years. After the listing, Didi-related executives and shareholders behind them also received rich financial returns.
According to the prospectus, after the IPO, Didi founder and CEO Cheng holds 6.5%, Didi co-founder and president holds 1.6%, Softbank Vision Fund holds 22.2%, holds 12.0% and Tencent holds 6.4%.
According to the market value of $68 billion, the founder and CEO of Didi Cheng is worth $4.4 billion, and the co-founder and president of Didi is worth $654.38+0 billion. Softbank Vision Fund holds $654.38+05 billion, Uber holds $865.438+00 billion and Tencent holds $4.3 billion.
In addition, eight senior executives, including Zhu, senior vice president of Didi, and CTO of Didi, hold a total of 65,438+0.8% of the shares of Didi. Shares, the corresponding value is $65,438+$200 million.
It is worth noting that after several rounds of financing, the shareholding ratio of CEO Cheng Wei and President Liu Qing of Didi has been diluted. However, due to the AB share design with the same share but different rights, the voting right of Didi management on the board of directors is guaranteed.
The updated prospectus announced the list of new board members of Didi listed companies. According to the resolution of the shareholders' meeting,, and Zhu are appointed as executive directors.
Zhu, founder and CEO of Didi, co-founder and president of Didi and senior vice president of Didi, holds a total of 9.8%. According to the super voting ratio of 1: 10, the total voting rights of,, and Zhu exceed 50% without considering the dilution of IPO issuance. Its major shareholders Softbank, Uber and Tencent hold 38.6% of the shares and 20.5% of the voting rights.
Although the shareholding ratio of Didi management is not high, it far exceeds the voting rights of several major institutional shareholders.
Sustained loss
According to the prospectus, Didi's income mainly comes from three sectors, namely, China's travel business (car rental, taxi ride, driving and hitchhiking in China). ), international business (international travel and take-away business, etc. ) and other businesses (* * * bicycle and motorcycle enjoyment, car service, freight, community group purchase, autonomous driving, financial services, etc. ).
Didi's revenue in 20 18, 20 19 and 2020 is135.3 billion yuan,154.8 billion yuan,141700 million yuan respectively; In the three months to March 3 1 and 202 1, Didi's revenue was 42.2 billion yuan.
The net losses of Didi in 20 18, 20 19 and 2020 are1500 million yuan, 9.7 billion yuan and 106 billion yuan respectively. In the three months ended March 3 1, 20021,Didi's net profit was 5.5 billion yuan.
The huge investment in new business is one of the important reasons for Didi's continuous losses over the years, such as freight transportation, autonomous driving and community group buying.
In the first quarter of this year, Didi turned a profit and prepared for the sprint listing. However, the profit in the first quarter mainly came from the investment income of peeling off the orange heart. According to the prospectus, Didi's net investment income (loss) increased from a loss of RMB 500 million in the three months to March 3, 20201day to a gain of RMB 124 billion in the three months to March 3, 2020, mainly due to the separation of orange heart, from which RMB 9 1 billion was confirmed.
In the three months ended March 3 1 and March 202 1, the loss of EBITA adjusted by Didi was RMB 5.5 billion.
It is worth noting that according to the prospectus, the EBIT of China travel business in 20 19 was adjusted to RMB 3.84 billion, RMB 3.96 billion in 2020 and RMB 3.62 billion in the first quarter of 20021year. This means that Didi's online car service in China will be profitable earlier.