The corporate-backed on-demand ride provider has filed for an initial public offering in the US and could raise as much as $10bn in proceeds.

Didi Chuxing, the China-based ride hailing service backed by corporates SoftBank, Apple, Alibaba, China Life, Tencent, Booking Holdings, Ping An, eHi and Sina Weibo, filed for an initial public offering yesterday. Reports last year suggested the company may choose Hong Kong, but Didi has instead selected the US. It has used a $100m placeholder figure…

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