China’s Didi Makes Its Pitch to U.S. Investors Ahead of Potential 2025 HK IPO

Didi Global, the Chinese ride-hailing giant whose U.S. initial public offering in 2021 upset Chinese regulators so much the company delisted less than a year later, is coming out of its shell after two years of seclusion. Hoping to go public again in Hong Kong next year, Didi is telling investors that it is back in Beijing’s good graces and its business performance has been improving.

Didi representatives led by vice president and head of capital markets David Xu have been meeting U.S.-based investors extensively in the past several months, including at tech conferences hosted by Morgan Stanley and J.P. Morgan, and in meetings and calls organized by Goldman Sachs, Citigroup and other banks, according to investors and bankers with knowledge of Didi’s activities.