From the business point of view, although Didi claims to be "the world's leading travel technology platform, providing a wide range of application-based services for the Asia-Pacific region, Latin America, Africa, Central Asia and Russia" and tries to be as close as possible to an international company, from the business data, the company is an "international" company mainly supported by localization business, because its international business is not only weak, but also in a state of continuous loss.
Didi appeared in People's Daily on 20 17. In September of that year, People's Daily reported that Didi had invested in seven global mobile travel platforms in the past two years: Brazil's Jiujiu Car, India's Ola, South Africa's Taxify, Gling in the Middle East and Uber in the United States. At that time, Cheng Wei, the founder of the company, also mentioned that the concept of Didi internationalization is not competition, but cooperation. "I hope to export China's innovative models, technologies and capital in solving traffic problems in the past few years, so as to achieve faster and better development."
According to the information disclosed in Didi's prospectus, the company is indeed the largest mobile travel platform in the world, covering nearly 4,000 cities in 15 countries, providing people with services such as renting a car, taking a taxi, hitchhiking, * * enjoying bicycles, * * enjoying motorcycles, driving and financial services. In the last 65,438+02 months up to the end of March, the company has 493 million active users and 654,385,000 active drivers worldwide, and the global average daily transaction volume is 4,654,385,000. The total transaction volume of the whole platform reached 3.4/kloc-0.0 billion RMB, and the total income of platform drivers was 600 billion RMB:
According to the operational data, the total revenue of Didi from 2018 to 2020 is1352.88 billion yuan,1547.86 billion yuan and14173.6 billion yuan respectively, among which the revenue from China travel is/kloc-respectively.
In terms of business types, Didi provides taxi and online car service in Chinese mainland, while in the international market, except Brazil 99, it mainly provides hitchhiking and take-away service, and taxi and online car service are provided by its shareholders Taxify and Uber.
In terms of business performance, at present, except for Chinese mainland travel business, international business and other businesses are in a state of loss, which has dragged down the overall performance of Didi. From 20 18 to 2020, the company's accumulated losses reached 35.3 billion yuan, which is unbearable for any company:
The company's short-term profit is hopeless, and various capitals have to seek to withdraw, so listing in the United States is also a last resort.
As an "international" company, Didi has more than 1000 employees in Brazil, Mexico and other countries, including 428 in Brazil and 333 in Mexico, but international employees only account for 7.9% of the company's total employees. In addition, through the prospectus, it can be found that the main employees of Didi are operation and maintenance support personnel and R&D personnel, accounting for 77.8%. A large number of Didi drivers are similar to takeaway brothers and have no labor contract relationship with the company:
Didi is a company piled up with capital. Since it was invested by Wang Gang Angel in July 20 12, the company is either financing or on the way to financing. In 20 14, the company implemented the C round of financing 1 100 million USD, including many well-known capitals such as Tencent and Huaxing. In 20 15, the company continuously implemented several rounds of large-scale financing, and the F and G rounds alone reached $7.5 billion. At that time, the purpose of Didi's large-scale financing was to cope with the competition with Fast and Uber and seize the market through burning money subsidies. 20 15, the merger of Didi and Kuai ended the competition. On August 20 16, Didi acquired Uber China, and Didi and Uber held shares with each other, becoming minority shareholders of both sides, so the money-burning war between Didi and its peers finally came to an end and Didi won.
After the competition with Kuai and Uber ended, although Meituan entered the market one after another, SAIC and GAC and other car companies also established their own car sharing business, but they could not shake Didi's leading position. Didi has also expanded its business scope and started to get involved in * * * enjoying bicycles and autonomous driving. , and constantly expand its business boundaries. However, after 2065438+July 2009 received a strategic investment of $600 million from Toyota of Japan, Didi didn't get a dime in the past year. During this period, the company continued to lose money, and the financial pressure was still quite large. In 20 18, the net cash flow generated by Didi's business activities was-9.228 billion yuan, and the foreign investment was1844.9 billion yuan. Although the financing in that year was 23.277 billion yuan, it still could not cover the funding gap. 20 19-2020, the net cash flow generated by the company's operating activities is14.45 million yuan and10/380,000 yuan respectively, but the accumulated foreign investment is as high as 8.096 billion yuan, and the company still relies on external financing. In terms of business, although the company's revenue has exceeded 100 billion, its operating costs are also high. Plus the expenses on operation and maintenance support and research and development, it has been losing money for three consecutive years:
In April of 20021year, Didi completed bond financing1500 million USD. Investors include Goldman Sachs, China, JPMorgan Chase, Morgan Stanley, Barclays Investment Bank and other large Wall Street investment banks, as well as the infamous HSBC.
It is only natural to pay back debts, and I don't know what kind of agreement Didi has reached with these five major gold owners.
In terms of ownership structure, Didi has been financing from its establishment to its landing in the US capital market, and its founder's equity has been greatly diluted. According to the prospectus, the founder Cheng only holds 7% of the shares, but has 65,438+05.4% of the voting rights; The shareholding ratio of Liu Qinghe's senior management team is 12.2%, and the shareholding ratio of the whole management team is 19.2%, but it has 44.5% voting rights:
Didi studied Alibaba's partner system, which is divided into two levels: partner and partner Committee. Under the partnership system, partners appoint and remove executive directors. Nomination of some senior executives by partners; Didi Partner has three founding partners, including,, and Su, and at least two limited partners. The election of new partners requires at least 75% of all partners' votes.
The largest shareholder of Didi is Softbank, with a shareholding ratio of 2 1.5% and voting rights of 21.5%; The second largest shareholder is Uber, with a shareholding ratio and voting rights of12.8%; Tencent holds 6.8% of the shares and has 6.8% of the voting rights, and the Didi team still has control.