Didi Chuxing gets nod for ABS issue

Ride-hailing firm to use funds for fleet expansion amid competition

Didi Chuxing, China's largest ride-hailing company, plans to raise 10 billion yuan ($1.6 billion) through an issuance of asset-backed securities, to help car-leasing companies on its platform to procure new vehicles.

The Beijing-based company announced on Monday that the plan has received a no-objection letter from the Shanghai Stock Exchange.