(Yicai Global) Aug. 28 -- China's Didi Chuxing, the largest ride-hailing provider on the planet, has denied a report that it is on the brink of entering South Korea.

The Korea Herald report suggesting Didi is in talks with local company Mirae Ohsung Group to expand into the peninsula nation next year is inaccurate, the Beijing-based firm told Yicai Global today. Didi has no intention of entering the country at the moment, it said.

The report had suggested that Didi would launch a taxi platform similar to local ride hailer Kakao T and an 11-seat minivan service, citing an executive at Mirae Ohsung Group.

"We've almost completed designing the mobile platform and are just waiting for the final decision from Didi Chuxing," the executive said.

Didi began to expand in the South American market this year after adding Austria and Japan to its operating countries in 2018. Founded in 2012, it is now worth around USD56 billion and Bain Consulting estimates that it commands a 90 percent share of China's USD30 billion ride-hailing sector.

Editor: James Boynton