⁍ China’s top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said.

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⁍ Didi, backed by technology investment giants SoftBank 9984.T, Alibaba BABA.N and Tencent 0700.HK, has started initial talks with investment banks for the long-awaited IPO.

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⁍ The people said the Beijing-based company is targeting a valuation of more than $60 billion by the time of the IPO.

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– Didi Chuxing, China’s No. 1 ride-hailing company, has long planned to go public in the US, but the company is now considering an IPO in Hong Kong instead, sources tell Reuters. The sources say the company, backed by SoftBank, Alibaba, and Tencent, is aiming for a valuation of more than $60 billion by the time of the IPO, expected in the first half of 2021. Didi had previously planned to go public in New York because of the company’s prestige and the presence of similar American companies like Uber and Lyft, the sources say.