National

Closer

Axios Closer

Chinese ride-hailing company Didi Chuxing started trading on the New York Stock Exchange Wednesday — popping nearly 19% from its $14 IPO price.

Why it matters: Didi’s debut makes it one of SoftBank’s biggest exits. Masayoshi Son’s Vision Fund is the company’s biggest investor with a roughly 20% stake in the company. 

The intrigue: SoftBank also backed Uber (also an investor in Didi), which went public in 2019 under very different market conditions and opened for trade below its IPO price and closed even lower. 

Colossal ride-hailing company Didi goes public

The Chinese company popped nearly 19% from its $14 IPO price upon its debut on the New York Stock Exchange.

Photo of two people sitting in a green car with giving a thumbs-up

Didi President Liu Qing (R) and CEO Cheng Wei in Beijing. Photo: Xin Yue/Huanqiu.com/VCG via Getty Images

Didi Chuxing

Stock market

Chinese ride-hailing company <a class="gtmContentClick" data-vars-link-text="Didi Chuxing started trading" data-vars-click-url="https://www.axios.com/chinese-ride-hail-didi-chuxing-ipo-0e3f052e-3105-4f6a-8917-b3d5ce111907.html" data-vars-content-id="608ca214-46a8-483d-9e7c-4233b9c4419d" data-vars-headline="Colossal ride-hailing company Didi goes public" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/chinese-ride-hail-didi-chuxing-ipo-0e3f052e-3105-4f6a-8917-b3d5ce111907.html" target="_self">Didi Chuxing started trading</a> on the New York Stock Exchange Wednesday — popping nearly 19% from its $14 IPO price.Why it matters: Didi’s debut makes it one of SoftBank’s biggest exits. Masayoshi Son’s Vision Fund is the company’s biggest investor with a roughly <a class="gtmContentClick" data-vars-link-text="20% stake" data-vars-click-url="https://www.reuters.com/technology/didi-shares-set-open-over-14-higher-mega-us-ipo-2021-06-30/" data-vars-content-id="608ca214-46a8-483d-9e7c-4233b9c4419d" data-vars-headline="Colossal ride-hailing company Didi goes public" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.reuters.com/technology/didi-shares-set-open-over-14-higher-mega-us-ipo-2021-06-30/" target="_blank">20% stake</a> in the company.

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Colossal ride-hailing company Didi goes public

Go deeper