​China's Uber rival denies reports of going public in US

A spokesperson for Chinese ride-booking firm Didi Chuxing has denied reports that the company plans to go public in the US as early as next year.
Written by Cho Mu-Hyun, Contributing Writer

Following reports from Bloomberg that Chinese cab-booking service firm Didi Chuxing is planning to go public in New York next year, a spokesperson for the firm has since denied such claims.

The report said an IPO would depend on how its battle with Uber plays out in China.

If the report does turn out to be true, however, it may be the biggest IPO in the US of a Chinese firm after Alibaba's in 2014.

The news comes at the heels of Apple's announcement last week that it has invested $1 billion into Didi, which dominates its local market over rival Uber.

Didi is in the process of raising $3 billion of funding -- including the contribution from Apple, which has swelled the firm's value to about $26 billion, unnamed sources told Bloomberg.

The firm is also backed by compatriots Tencent and Alibaba.

Didi has previously claimed it completes 11 million rides a day and has 87 percent of the market in China.

Apple said that its investment into Didi was to better understand the Chinese market. The iPhone maker, which is reportedly planning to launch its own driverless car, may get valuable data and a stepping stone into world's second-largest market through the deal.

Uber is the world's biggest cab-booking service but has struggled in certain markets such as China and South Korea where consumers prefer local versions.

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