China's Largest Car-Delivery Service "Drip" Listed on New York Stock Exchange

On the 30th of last month, China's largest car-delivery service, "Drip-Drop", was listed on the New York Stock Exchange. The company, in which Japan's Softbank Group has a stake, has a market capitalization of over 7 trillion yen, making it the second largest initial public offering this year.

Founded in 2012, the Beijing-based company is China's largest taxi-hailing service using a smartphone app.

The company's closing price on the 30th of last month, the day of its listing, was $14.14, above its initial public offering price of $14, giving it a market capitalization of $67.7 billion, or over 7.5 trillion yen.

According to the New York Stock Exchange, this is the second largest initial public offering of the year, after the South Korean online retailer Koopin.

Japan's Softbank Group has also invested in the company through an investment fund under its umbrella, reflecting expectations for growth as China's economy continues to recover.

Against the backdrop of the conflict with China, the U.S. passed a law last December to tighten inspections of foreign companies listed on the stock market, and has been tightening its grip on Chinese companies.

Source: https://www3.nhk.or.jp/news/html/20210701/k10013112991000.html?utm_int=news-business_contents_list-items_005