Chinese ride-hailing giant Didi Chuxing is weighing an option for a multibillion-dollar initial public offering in Hong Kong in 2021, said sources with knowledge of the matter at hand. Earlier Didi Chuxing had aimed for a listing in New York.

SoftBank-backed Didi is also backed by China’s Alibaba and Tencent. According to three sources Didi Chuxing has started initial talks with investment banks.

Sources preferred the cover of anonymity since the information, including the identity of the banks, was private.

Beijing-based Didi Chuxing is targeting a valuation of more than $60 billion by the time of launching the IPO, which is expected in the first half of 2021.

Founded in 2012, the startup has begun generating healthy profit since the second quarter of 2020; some investors are now wanting to cash in, said a source.

Didi did not immediately respond to requests for comments.

Sources have cautioned that the IPO plan is at an early stage and could change depending on market conditions.

According to two sources, Didi is also considering a new fundraising round ahead of the IPO in order to boost its valuation.

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