DIDI Chuxing, China’s biggest ride-hailing firm, revealed a US$1.6 billion net loss for 2020 as it moves ahead with plans for a U.S. initial public offering (IPO).

The company in its first public filing for the IPO listed the offering as US$100 million, a placeholder that will change when the company discloses terms for the share sale. Didi filed Thursday under the business name Xiaoju Kuaizhi Inc.

Didi, one of the largest investments in SoftBank Group Corp.’s portfolio, accelerated its listing plans after its business rebounded as the coronavirus pandemic ebbed in China. The company has been considering seeking a valuation of as much as US$70 billion to US$100 billion in the IPO.

In recent months, Didi has been trading at a valuation of about US$95 billion on the secondary market, said people familiar with the matter. The company last raised funding at a US$62 billion value last year, according to PitchBook. A representative for Didi declined to comment on the company’s valuation.

SoftBank’s Vision Fund, Uber Technologies Inc. and Tencent Holdings Ltd. are currently among Didi’s biggest shareholders with a combined stake of about 41 percent, its filing shows. (SD-Agencies)