BEIJING (CAIXIN GLOBAL) – Like many money-losing tech startups, dominant Chinese ride-hailing company Didi Chuxing has relied heavily on private equity financing since its inception in 2012.

Through 23 rounds of financing, Didi raised more than US$35 billion (S$47.3 billion) from nearly 100 investors, valuing the company as high as US$62 billion in an August 2020 fundraising round. China’s abrupt crackdown on Didi after its US$4.4 billion US initial public offering (IPO) June 30 sent its shares plunging, dealing those investors a hard blow, especially its biggest shareholder, Japan’s Softbank Group.

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