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Illustration: Aïda Amer/Axios

Chinese ride-hail company Didi filed for an initial public offering on Thursday.

Why it matters: Didi is not only known as the Uber of China, but actually beat Uber in the country and bought out its business there.

  • Uber currently has a 12.8% stake in Didi, making it the company's second-largest outside shareholder.
  • Other major backers include SoftBank (21.5%) and Tencent (6.8%).

Financials: Didi reports a $1.7 billion loss on $21.6 billion in revenue for 2020, and most recently was valued by venture capitalists at $62 billion. It is certain to seek a much higher price in its IPO.

  • Around 1.6% of the company's revenue comes from international operations, as Didi has expanded to countries like Russia and South Africa.
  • The company plans to list on either the New York Stock Exchange or Nasdaq under ticker symbol "DIDI." Lead bankers are Goldman Sachs (Asia), Morgan Stanley and J.P. Morgan.
  • The filing does not disclose how much money Didi plans to raise via the IPO, instead just listing a "$100 million" placeholder.

Go deeper

Climate reality collides with rhetoric at the G7 summit

Illustration: Annelise Capossela/Axios

Leaders of the G7 agreed to a sweeping new agenda over the weekend. But while the communique they issued is lofty in goals, it lacks crucial details on climate.

Why it matters: The G7's paucity of specifics on climate finance and domestic coal consumption, in particular, calls into question the ability of the wealthiest nations to take sufficient action on global warming.

1 hour ago - World

Putin denies Russia is behind cyberattacks ahead of Biden summit

In an exclusive interview with NBC's "Today," Russian President Vladimir Putin denied that Russia is waging cyber warfare against the United States and refused to guarantee opposition leader Alexei Navalny — whose name he would not say — will leave prison alive.

Why it matters: Cyberattacks by Russian intelligence and Russian-speaking criminal groups, as well as the Kremlin's attempted assassination and jailing of Navalny, are among the topics President Biden is expected to raise at his Geneva summit with Putin on Wednesday.

3 hours ago - Health

Novavax says COVID-19 vaccine was 90% effective in Phase 3 trial

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Novavax, a Maryland biotechnology company, announced Monday that its COVID-19 vaccine was 90.4% effective in its Phase 3 trial, including against coronavirus variants.

Why it matters: The study of 29,960 participants in the U.S. and Mexico found the shot was safe and highly effective, paving the way for the FDA to clear a 4th vaccine for emergency use by the end of the year.