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Didi Chuxing Considers Spinning Off Its Community Group Buying Business After IP...

 3 years ago
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Didi Chuxing Considers Spinning Off Its Community Group Buying Business After IPO- PingWest

Didi Chuxing Considers Spinning Off Its Community Group Buying Business After IPO

17 hours ago

Beijing (PingWest)—Didi Chuxing, which aims to go public in New York this summer, is making plan to spin off its community group buying business Chengxinyouxuan and list it separately, The Information reported, citing people familiar with the matter.

According to The Information, Chinese ride-hailing giant Didi Chuxing plans to spin off the business a year or two after the IPO.

Didi Chuxing executives have told investors in the grocery service that it intends to take the business public sometime between 2022 and 2023, according to the report, though the exact timing hasn’t been finalized.

Community group buying for groceries is the most recent e-commerce trend to hit China. It organizes people living within approximate locations to collectively bargain on grocery items through bulk purchase.

Chinese Internet giants including Alibaba, Meituan, Pinduoduo and Didi Chuxing have all flocked to this field with large amounts of capital. The stiff competition ignited by those giants has disrupted traditional wholesalers and has gotten the attention of regulators.

Didi Chuxing was considering earmarking $3 billion to assist its group-buying unit Chengxin Youxuan, Bloomberg reported in Feb. It was also in talks with advisers to raise about $1 billion from other investors, the sources said.

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