The Disclosure Of Didi Financing Documents Contains Big Data Useful To You

On May 13, Apple invested $1 billion in shares Didi Travel According to insiders in the report, this round of financing of Didi Chuxing has reached US $3 billion, and the company's overall valuation is US $26 billion. Didi officials did not respond to this round of financing amount and valuation. Recently, the equity investment project book of an asset management company investing in Didi was exposed by the media (with a scale of $20 million). It was revealed that besides Apple and Alibaba, Tencent, Shanghai Life Insurance and China Merchants Bank also participated in this round of financing of Didi, and Didi will be listed in the United States in 2018, with an estimated value of $80 billion to $100 billion.

In March this year, we media "Eight Sisters" also exposed an equity investment project book of Didi Chuxing, which disclosed the financial data of Didi in more detail. Today, Tiger sniff sorted out the two project books, which has certain reference significance for understanding Didi's financial data, the latest financing situation, listing forecast, etc.

The following data have not been officially confirmed by Didi and are only for reference.

1、 Didi plans to be listed in the United States in 2018

The limit of fund projects disclosed today is 2+1+1 years. The specific exit time will be adjusted according to the listing schedule of Didi Chuxing. The exit method is listing or M&A exit. Didi Travel is expected to be launched in the United States in 2018.

Previously, insiders said that Didi planned to IPO in the United States next year, that is, 2017. However, according to news reports provided by other insiders, Reuters later pointed out that Didi's initial public offering in the US securities market may be in 2018.

For the above rumors, Cheng Wei, CEO of Didi Chuxing Digital Expo Shanghai denied that there is no listing plan at present.

2、 Performance: double the number of active users

By the end of 2015, the Didi intelligent travel platform had covered more than 330 cities nationwide, with 250 million registered users and 10 million registered drivers.

In 2015, Didi's average daily order volume was 3.92 million. According to the management's prediction, three years later, Didi's daily order volume may reach 60 million, and daily service passengers may reach 30 million.

In December 2015, Didi's average daily order volume reached 7 million. In February this year, Didi's average daily order volume reached 10 million, growing rapidly. At the same time, the number of active users of the Didi platform has almost doubled from 9 million in May 2015 to 17 million in December 2015.

3、 Revenue: expected loss of 3.729 billion yuan this year

Didi's net income in 2015 was 6.162 billion yuan, about 946 million dollars. In 2015, Didi's net loss was 4.28 billion yuan, about 657 million dollars.

According to the general estimates of relevant investment institutions, Didi's net income in 2016 was about 10.268 billion yuan, up 67% year on year, and its expected loss was 3.729 billion yuan, down 36% year on year. At the same time, the investment institution predicted that under normal circumstances, Didi would be profitable in 2018.

In April this year, Zhu Jingshi, the chief vice president of strategy of Didi, disclosed that Didi is now closer to profitability than ever before. At present, nearly 300 of its 400 cities have made profits.

4、 New round of financing: post investment valuation of $26.5 billion

Didi obtained a new round of financing in April 2016: Apple invested $1 billion, Alibaba invested $400 million, Tencent invested about $200 million, Shanghai Life Insurance invested $200 million, and China Merchants Bank invested about $100 million. The post investment valuation was 26.5 billion US dollars.

5、 Development potential: auto finance has generated income

In 2014, China's daily taxi orders totaled 38 million, with an average of 4 dollars per order, and the total daily market was 152 million dollars; It is estimated that the compound annual growth rate is 1.5%. It is estimated that Didi will complete 50% of the market share by 2020, when the annual total will be 27 billion dollars. In terms of special cars, the total market volume will reach $1.14 trillion in 2020. It is estimated that Didi will have 15% of the market share, and the turnover is expected to reach $156 billion.

In addition to the existing main business vehicles, taxis, hitchhikers, buses, test drives and corporate services, Didi will carry out various extensions in the future. Among them, Didi Media advertising and auto finance have begun to generate revenue.

In March this year, Didi set up a wholly-owned subsidiary "Zhongfu Financial Leasing (Shanghai) Co., Ltd." in the Shanghai Free Trade Zone through its Hong Kong subsidiary "Kuaifu Holding Co., Ltd.", with a registered capital of 1 billion yuan. Its legal representative is founder Cheng Wei, and its supervisor is CTO Zhang Bo. This marks that Didi has officially set foot in the field of auto finance.

6、 IPO valuation of $87 billion

Considering the business scale, management team government With reference to the valuation of Didi taxi competitors, the expected return is about 3 times, and the IPO valuation is 870 US $100 million (the current post investment valuation is US $26.5 billion). This calculation has not considered the potential profit points such as future O2O, smart cities, second-hand car transactions, auto finance, Didi buses, etc.

The investment institutions use PS (market to market ratio) and P/GMV for the valuation of Didi Travel. It is predicted that the valuation of Didi will reach 80 billion to 100 billion dollars by then.

In August last year, CITIC Prudential Asset Management Co., Ltd. invested in Uber in the "Zhuoying No. 6 Special Asset Management Plan", which was exposed. Uber predicted that in 2015, it would achieve $10.8 billion gross income (equivalent to the total transaction amount of e-commerce GMV), and in 2017, it would exceed $50 billion. The investors calculated Uber's market value in 2018 was between US $100 billion and US $250 billion according to the minimum 2 times and maximum 5 times of PS (market to market ratio).