Didi Global Inc. is on the cusp of pulling off one of the biggest U.S. initial public offerings of the past decade, the culmination of five years of battling first Chinese regulators and then Covid 19. Now Beijing again threatens to spoil the party.
Didi, the scrappy upstart that defeated Uber Technologies Inc. in 2016 before embarking on an ambitious international expansion, aims to raise as much as $4 billion in New York. But like its one-time foe, the car-hailing giant has had to settle on going public at a far lower market value than previously targeted.
