(Yicai) June 14 -- Dida Chuxing, China's second-largest ride-hailer after Didi Chuxing, has passed its listing hearing with the Hong Kong Stock Exchange after filing five for an initial public offering times since 2020.

The Beijing-based firm has not disclosed how much it wants to raise in the IPO nor the share pricing. China International Capital, Haitong International Securities Group, and Nomura International are the joint sponsors, according to information the bourse released on June 12. 

Other ride-hailing service providers also plan listings to replenish capital amid stiff competition in the Chinese market. Ruqi Mobility, a unit of auto giant GAC Group, filed for a Hong Kong IPO last October. Caocao Chuxing, under Geely Holding Group, followed suit this April. Both have been in the red over the past three years.

Dida plans to use the IPO proceeds to enlarge its user base, strengthen marketing and promotion initiatives, advance technological capabilities, upgrade safety mechanisms, and enhance monetization capabilities, according to its prospectus filed in March.

Dida had a net profit of CNY300.4 million (USD41.4 million) last year, compared with a net loss of CNY187.6 million the year before. Revenue jumped 43 percent to CNY815.1 million.

Established in 2014, Dida offers ride-hailing in 366 Chinese cities, completing 130.3 million rides last year, with a transaction value of CNY8.6 billion (USD1.2 billion) and a market share of around 32 percent. It launched an online taxi-hailing service in 2017, covering 99 cities.

Didi was the first Chinese ride-hailing platform to go public in June 2021, but it delisted from the New York Stock Exchange a year later due to cybersecurity concerns. The company is rumoured to plan a Hong Kong listing this year.

Editors: Dou Shicong, Martin Kadiev