NY float may see Didi Global value top $67b

Chinese ride-hailing giant Didi Global will price shares in its IPO on the New York Stock Exchange on Wednesday night local time at the top of the indicated range of $13 to $14 each, giving the company a valuation of more than $67 billion, media reports said. At $14 a share, Didi will raise about $4 billion, Bloomberg reported. Didi plans to offer 288 million American depositary shares. As Didi's ADS offer sparked robust demand among prospective investors, the IPO has been oversubscribed 10 times, media reports said.

Services trade deficit narrows in Jan-May

China registered a substantial drop in its services trade deficit in the first five months of this year, with new progress made in structural reform and high-quality trade development, data from the Ministry of Commerce showed. Services trade totaled 1.94 trillion yuan ($300 billion) during the period, with exports up by 20 percent year-on-year to 911.8 billion yuan and imports down 7.5 percent to come in at around 1.03 trillion yuan.

Xinhua - China Daily