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March 19, 2018

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Didi unit seeks US$1.6b via asset-backed securities

A unit of Chinese ride-hailing firm Didi Chuxing has submitted an application to raise 10 billion yuan (US$1.6 billion) through an issuance of asset-backed securities.

Didi, which said in December it had raised US$4 billion to support its overseas expansion, did not respond to a Reuters’ request for comment on how the funds would be used.

The funds will be raised by Dirun (Tianjin) Technology Co Ltd, according to a filing published on the Shanghai Stock Exchange’s bond market website. Dirun’s sole shareholder is Didi Chuxing.

The Beijing News newspaper, which reported the proposed fundraising on Saturday, cited sources as saying Didi was also preparing to launch a meal delivery business in Wuxi on April 1.

Didi, which holds over 87 percent of the Chinese private ride-share market, is facing new challengers with several firms including Tencent-backed meal delivery company Meituan-Dianping announcing plans to launch ride-hailing services.


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