March 19, 2018 / 10:42 AM / 6 months ago

Shanghai stock exchange OKs Didi Chuxing's $1.6 billion shelf offering

(Reuters) - The Shanghai Stock Exchange has approved a 10 billion yuan ($1.58 billion) shelf offering by Chinese ride-hailing firm Didi Chuxing, the company said on Monday.

A woman walks past Didi Chuxing's booth at the Global Mobile Internet Conference (GMIC) 2017 in Beijing, China April 28, 2017. REUTERS/Jason Lee

The funds will be used for transport supply chain financing, allowing car leasing enterprises to procure new vehicles which will in turn expand capacity on Didi’s platform.

The initial size of the offering will be 300 million yuan.

($1 = 6.3301 Chinese yuan renminbi)

Reporting by Cate Cadell

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