⁍ China’s top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering 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 Didi is targeting a valuation of more than $60 billion by the time of IPO launch, expected as soon as in the first half of 2021.

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– Didi Chuxing, China’s No. 1 ride-hailing company, had 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 tech giants SoftBank, Alibaba, and Tencent, has started preliminary talks with investment banks for an IPO that could value the company at more than $60 billion when it debuts in the first half of 2021. Didi had previously planned an IPO in New York, but sources say the company is now considering an IPO in Hong Kong because of tensions between the US and China. Uber, which sold its operation to Didi in 2016, is also considering an IPO in Hong Kong.