Connect with us

Business

Chinese ride-hailing company DiDi makes NYSE debut

Adam Layaan Kurik Riza

Published

on

DiDi Global Inc, a Chinese ride-hailing giant, began trading Wednesday on the New York Stock Exchange (NYSE).

The company, trading under the ticker symbol of “DIDI,” publicized the pricing of its initial public offering of 316.8 million American Depositary Shares (ADSs) at a price to the public of 14 U.S. dollars per ADS for a total offering size of 4.4 billion dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

Each four ADSs representing one Class A ordinary share of the company.

DiDi commenced trading at 16.65 U.S. dollars per share on Wednesday, up nearly 19 percent from its pricing. The stock closed at 14.14 dollars apiece, after climbing to as high as 18 dollars in intraday trading.

Established in 2012, the company proposes a wide range of app-based services across the Asia Pacific, Latin America and Africa, as well as in Central Asia and Russia, including ride-hailing, taxi-hailing, chauffeur, hitch and other forms of shared mobility.

Urbanization, economic development, and an increasingly connected world continue to elevate the importance of mobility, the company said in its prospectus, adding China’s massive and urbanizing population presents opportunities for new mobility services.

China’s mobility market is anticipated to reach 3.9 trillion dollars by 2040, by which time the penetration of shared mobility and electric vehicles is likely to have increased to 35.9 percent and 50.2 percent, respectively, according to its prospectus, citing a report by China Insights Consultancy, an independent industry consulting platform.

As of Tuesday, the S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, stood at 4,829.73, marking a 5.41-percent raise for the month-to-date returns and a 7.56-percent slide for the year-to-date returns.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

SDFC expands funding assistance for reef fishers, related SMEs

FI

Published

on

By

The SME Development Finance Corporation (SDFC) has added new categories to the ‘Kandufalhuge Nafaa’ loan facility; specifically “targeted toward supporting the growth and development of reef fisheries”.

SDFC will issue up to a maximum of MVR 700,000 in funding towards the development of reef fisheries; by way of financing either local fishers or small-to-medium (SMEs) enterprises operating in reef fishing activities.

The loan facility is subject to an interest rate of 5% with a six-month grace period, and a 10-year repayment period.

SDFC further highlights that all the vessels financed under the loan would be held as collateral or mortgage.

Expenses exceeding the maximum MVR 700,000 ceiling of the loan facility should be incurred by the debtor, added SDFC.

The facility is specifically targeted for reef fishers, suppliers of reef fish; either processed, packed or frozen to be sold at industrial capacity, exporters, and local suppliers from the atolls.

SDFC further highlighted that the facility is aimed at boosting specific activities of any individual or SME operating in reef fisheries sector, and they include;

  • To develop a new vessel or repair existing vessel used in reef fisheries activities
  • Installation of engines in vessels used for reef fishing
  • Procurement/purchase of equipment used in navigating or commandeering the vessel
  • For repairs and modifications of a vessel used in reef fishing
  • Procurement/purchase of fish processing machinery and equipment
  • Procurement/purchase of packing materials and equipment

Source(s): sun.mv

Continue Reading

Business

Maldivian lowers surfboard transport fees as pledged by President

FI

Published

on

By

Island Aviation Services Limited (IASL) has announced the fee reduction for transporting surfboards via the national airline, Maldivian, as pledged by President Dr. Mohamed Muizzu.

As such, the national airline has announced reduced fees for surfboard transportation. Charges for larger surfboards were decreased by 33%, while smaller ones saw a reduction of 66%, marking a tangible step towards supporting local businesses and promoting tourism.

President Dr. Muizzu responded to concerns raised by Surfing Operator Ahmed Rasheed from Gadhdhoo in Gaafu Dhaalu Atoll, during the “Raees ge Javaab” series, where citizens directly engage with the President on various issues.

During the session, Rasheed highlighted the steep fees imposed by the national airline for transporting surfboards, stressing the impact on local businesses in Gaafu Dhaalu Atoll. Acknowledging the significance of the issue, Dr. Muizzu committed to reducing the fees, recognising their adverse effects on surf-related enterprises and the tourism sector. Stressing surfing’s vital role in the Maldives’ economy, particularly in Gadhdhoo, the President swiftly acted to fulfill his pledge.

Source(s): PsmNews

Continue Reading

Business

Govt launches ‘Addu Asseyri Tourism Development Plan’

FI

Published

on

By

The Tourism Ministry has launched the ‘Addu Asseyri Tourism Development Plan’, an initiative under the administration’s ‘Hafuthaa 14’ roadmap.

The project was launched in a ceremony attended by Tourism Minister Ibrahim Faisal and Addu City Mayor Ali Nizar in a ceremony held at the Addu City Council on Thursday.

According to the Tourism Ministry, the ‘Addu Asseyri Tourism Development Plan’ is in line with the administration’s ambitious first 100-day pledge to formulate and introduce a specialized tourism project for Addu City.

Developed by CDC Consulting, the comprehensive five-year destination development strategy is accompanied by a detailed situational analysis report.

According to the Tourism Ministry, the plan is strategically crafted to not only enhance tourism in the region, but also to make a substantial contribution to the local economy of Addu, reflecting President Dr. Mohamed Muizzu’s commitment to transformative initiatives.

The plan also encompasses key presidential pledges to Addu city, including the establishment of 6,000 tourist beds, the creation of 10,000 jobs, the revitalization of Shangri-La operations, and the establishment of a seaplane hub within the first year of the presidency.

Tourism Ministry says the initiatives will transform Addu City into a thriving tourism hub, offering unparalleled opportunities for growth and prosperity.

The plan also outlines a range of developments, such as the creation of cultural village, wellness zones, marine protected areas, and hospitality school.

According to the Tourism Ministry, the initiatives not only aim to attract visitors, but also to showcase the rich heritage and natural beauty of Addu City, providing a unique and immersive experience for tourists and locals alike.

Source(s): sun.mv

Continue Reading

Trending