On June 28th, Futu News reported that the company sold a total of 39.091 million shares globally at a price of HKD 6 per share and 500 shares per lot, with expected listing on June 28th. $DIDA INC (02559.HK)$On the first day, it opened at a low of 12.83%, and as of press time, it was reported at HKD 5.23 with a turnover of HKD 25.54 million and a total market value of HKD 5.199 billion.
Market source: Futu Securities.
According to earlier news, in the futu dark pool trading on the previous trading day, DiDi's dark pool opened low and closed down 8.33%, at HKD 5.5, with a turnover of HKD 8.7117 million and a total market value of HKD 5.467 billion. Each hand has 500 shares, without counting the handling fee, and each hand loses HKD 250.
In addition, according to previous public information, DiDi received approximately 112.9 times the subscriptions during the public offering stage. The final number of shares allocated to the public offering was 19.5455 million shares, accounting for approximately 43.48% (after reallocating). A total of 19,815 valid applications were received, 7,924 applications were accepted, and the percentage of H shares allocated per application was approximately 10%.
In addition, the final number of shares for international offering was 25.409 million, equivalent to 56.52% of the total shares issued (after reallocation). Futu News has consolidated the relevant data in the following table:
Company overview
Didi Chuxing is a technology-driven platform that shares the unused seats of private passenger vehicles through its carpooling service, aiming to create more transportation capacity while reducing its environmental impact. It also provides relatively smaller scale smart taxi services to improve efficiency and effectiveness for stakeholders within China's taxi industry.
Since its establishment until December 31st, 2023, the company has provided service to about 69.4 million unique carpooling passengers. Based on the total transaction amount and the number of carpooling trips, Didi Chuxing operated the second largest carpooling platform in China in 2023. The total transaction amount for carpooling was RMB 8.6 billion, with 130.3 million carpooling trips, and the market share based on total transaction amount was 31.8%. The market share based on the number of carpooling trips was 31.0%. As of December 31, 2023, the company provides carpooling platform services in 366 cities across the country through its App, and has about 15.6 million certified private car owners, of which 5 million or 32.0% are active certified private car owners in 2023.
In 2017, the company launched its smart taxi services, with a focus on developing a ride-hailing solution provided by the Didi Chuxing Driver App. As of the latest practicable date, the company has provided taxi ride-hailing services in 91 cities in China, including 80 cities where the company collects service fees from taxi drivers who facilitate rides through the company. Based on the number of completed trips, the market share for the ride-hailing service was 0.09% in 2023, and the market share based on total transaction amount in China's entire taxi market was 0.07%.
In terms of financial performance, in 2021, 2022, and 2023, Didi Chuxing recorded revenues of RMB 780.6 million, RMB 569.1 million, and RMB 815.1 million, respectively. The company's adjusted net income (non-International Financial Reporting Standards measurement) for 2021, 2022, and 2023 were RMB 238 million, RMB 84.7 million, and RMB 225.6 million, respectively. The adjusted net profit margin (non-IFRS measurement) for the same years were 30.5%, 14.9%, and 27.7%. The company's gross profit in 2021, 2022, and 2023 were RMB 631.3 million, RMB 427.6 million, and RMB 605.4 million, respectively, with gross margins of 80.9%, 75.1%, and 74.3%, respectively.
Financial overview
In 2021, 2022 and 2023, Didi recorded revenues of RMB 780.6 million, RMB 569.1 million, and RMB 815.1 million, respectively.
In 2021, 2022, and 2023, the company's adjusted net profit (measured by non-international financial reporting standards) were RMB 238 million, RMB 84.7 million, and RMB 225.6 million, respectively, while the adjusted net profit margin (measured by non-international financial reporting standards) for the same year were 30.5%, 14.9%, and 27.7%, respectively.
In 2021, 2022, and 2023, the company achieved gross profits of RMB 631.3 million, RMB 427.6 million, and RMB 605.4 million, respectively, and the gross profit margins for the same years were 80.9%, 75.1%, and 74.3%, respectively.
Intended Use of Funds
In terms of fund raising purposes, Didi Chuxing expects to net approximately HKD 182 million from its global offering (based on a final issue price of HKD 6). According to the prospectus, the company plans to use approximately 50.0% of the net proceeds for expanding its user base and strengthening its marketing and promotion plan through user rewards and subsidies, online advertising activities, and offline promotion and publicity activities; approximately 35.0% for improving the company's technology capabilities and upgrading its security mechanism; and approximately 15.0% for enhancing its monetization capabilities.
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Editor/Afina