In China, everything is larger. Didi Chuxing filed to go public in the United States yesterday, revealing exactly how massive the "Uber of China" actually is.
According to its records, it expects to generate over Rmb142 billion in sales in 2020, which is equivalent to $21.6 billion. That is nearly double what Uber made last year and nearly 9 times what Lyft, America's second-largest ride-hailing service, made.
The choice to file for an IPO in the United States is one that many successful Chinese firms have taken, and it makes a lot of sense.
The stock market in the United States is still by far the largest in the world, and it is home to many of the world's leading technology businesses. In summary, listing in the United States provides Didi Chuxing a greater opportunity of acquiring a large amount of capital on more advantageous conditions.
Source: SEC Filings, chartr