On June 28, 2024, Dida Inc. (Dida) successfully listed on the Main Board of the Stock Exchange of Hong Kong (SEHK), raising gross proceeds of approximately HK$234.5 million (US$30.0 million) from its IPO (or approximately HK$269.7 million [US$34.5 million] if the underwriters exercise the over-allotment option in full, with market capitalization of approximately US$800 million). Dida’s Hong Kong public offering tranche was more than 113 times over-subscribed, which triggered the mandatory reallocation such that the Hong Kong public offering tranche increased to 50 percent of this offering. Wilson Sonsini Goodrich & Rosati acted as Dida’s U.S. and Hong Kong counsel in the IPO and SEHK listing.
Dida is the first publicly listed company in China’s ride-sharing industry on the SEHK. As a leading technology-driven platform in China, Dida aims to create more transit capacity with less environmental impact. Dida provides carpooling marketplace services to fill up idle seats on private passenger cars, as well as smart taxi services to improve the efficacy and efficiency in the taxi industry in China.
The Wilson Sonsini core team that represented Dida in the IPO and SEHK listing includes:
Corporate
Dan Ouyang
Winfield Lau
Can Yin
Ke Li
Zhenzhen Bao
Claire Chen
Erwin Qin
Giselle Ma
Olive Ma
Xubin Hong
For more information, please see coverage by Reuters.