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CHINA'S DIDI TOUTS TECH SPENDING AHEAD OF WALL ST DEBUT

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AppleMagazine #505

Chinese ride-hailing service Didi says it lost $5.5 billion over the past three years ahead of its U.S. stock market debut Wednesday but it’s highlighting its global reach and investments in developing electric and self-driving cars.

CHINA'S DIDI TOUTS TECH SPENDING AHEAD OF WALL ST DEBUT

The Beijing-headquartered company operates in 16 countries but almost 90% of the 493 million customers who used the service at least once in the past year are in China.

Didi Global Inc. planned to raise up to $4 billion by selling 288 million shares on the New York Stock Exchange at $13-$14 each. It said 30% will be spent on technology development, another 30% to expand outside China and 20% on new products.

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