(Yicai Global) April 14 -- Dida Chuxing resubmitted its initial public offering application to the Hong Kong stock exchange yesterday, after the Chinese carpooling platform failed to advance on its first filing six months ago, most likely as it works through some new licensing hurdles.

Beijing-based Dida Chuxing’s first attempt to go public last October was probably thwarted due to tightening regulations which have seen different cities across the country suspend ridehailing services, such as rival Didi Chuxing’s new budget offering Huaxiaozhu, for not having the correct permits.

Should the IPO go ahead, Dida Chuxing will become China’s first publicly traded ride-sharing firm.

The firm is already the largest player in the country’s carpooling market with a 66.5 percent market share in 2019, according to US market research firm Frost & Sullivan. It ranks number two for its online taxi-hailing services.

Net profit was up 8.5 percent last year from the year before to CNY343 million (USD52 million), according to the company’s prospectus. Revenue surged 36.3 percent to CNY791 million (USD121 million), nearly 90 percent of which came from carpooling.

Dida Chuxing had 200 million registered users, retained 10.8 million private car owners and served 42 million customers as of the end of last year.

Rival Didi Chuxing secretly filed for an initial public offering in the US on April 9, Tencent News reported.

Editor: Kim Taylor