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China's Uber: The "Uber of China", Didi Chuxing, has just filed for an IPO

China's Uber: The "Uber of China", Didi Chuxing, has just filed for an IPO

Everything is bigger in China. Yesterday Didi Chuxing filed to go public in the US, giving us an insight into just how big the "Uber of China" really is.

Its filings reveal 2020 revenue of almost Rmb142bn, which is equivalent to $21.6bn. That is almost twice what Uber pulled in last year, and roughly 9x that of Lyft, which is America's second-largest ride-hailing app.

Coming to America

The decision to file for an IPO in the US is a path that many successful Chinese companies have taken — and it's one that makes a lot of sense.

The US stock market is still, by far, the largest in the world, and remains home to many of the biggest tech companies in the world. In short, listing in the US gives Didi Chuxing a better chance of raising a lot of investment at more favourable terms. Reuters is reporting that Didi could raise around $10bn in fresh capital to help it grow.

That cash is something that even Didi needs. We've discussed before how Uber has been, and continues to be, an unprofitable business. Didi Chuxing is apparently not so different — spending $23.7bn last year, which meant a net loss from operations of $2bn and change. Even at such an enormous scale ride-hailing, it seems, is still not profitable.

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Starbucks issues apology after viral “Bearista” cup meltdown

Holiday cheer turned into chaos this week for Starbucks after the coffee giant’s new “Bearista” holiday cup sent fans into a frenzy. 

Dropped alongside its 2025 holiday menu, the $30 beanie-wearing glass bear tumbler sparked long lines, sellouts, and even in-store scuffles before Starbucks stepped in with an apology.

“The excitement for our merchandise exceeded even our biggest expectations,” the company said in a statement to People. “Despite shipping more Bearista cups to our coffeehouses than almost any other item this holiday season, the Bearista cup and some other items sold out fast.”

Within hours of launch, frustrated fans flooded Starbucks’ social media pages and even store hotlines. Some customers waited in line before dawn and others said their stores received only a handful of cups. In one Houston location, the craze even turned physical, with police reportedly called to break up a brawl. Meanwhile, the cup is already reselling on sites like eBay, with listings topping $600.

“We understand many customers were excited about the Bearista cup and apologize for the disappointment this may have caused,” Starbucks said. While in-store customers may be upset, investors seem happy about the viral hit, as the stock has risen over 3% on Friday.

If you’re still hoping for a Bearista at market price, that may not be on order: the chain didn’t disclose how many cups were made or whether a restock is planned.

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Target tells workers to smile, wave, and greet shoppers if they come within 10 feet of them

Target just rolled out a new rule for store employees: smile, make eye contact, and greet or wave when a shopper comes within 10 feet — and if they get closer, within four feet, ask whether they need help or how their day is going, according to a new Bloomberg report.

Dubbed the 10-4 program internally, the rule mirrors rival Walmarts own 10-foot policy, formalizing behavior Target had previously only encouraged.

business

Monster surges on energy drink buzz, while Celsius sinks on distribution concerns

Shares of Monster Beverage climbed 5% after the bell on Thursday, and held most of those gains into early trading on Friday, following strong Q3 results.

The energy drink giant topped market expectations, with quarterly sales up 17% year over year to $2.2 billion and adjusted net profits growing 41% to $524.5 million — 11% ahead of Wall Street’s estimates. In the report, Monster highlighted its zero-sugar line and new product launches, with a stack of novel flavors already released this year, as bright spots.

During a call with analysts, Chief Executive Hilton Schlosberg said that the global energy drink category “remains healthy with robust growth,” The Wall Street Journal reported, adding that demand for more affordable caffeinated drinks is rising as coffee has become “really expensive.”

Meanwhile, rival beverage business Celsius saw shares fall as much as 23% on its Q3 results yesterday — despite beating expectations, with revenue jumping 173% — largely due to concerns about a change in the company’s distribution channel, as its newly acquired Alani Nu brand joins the PepsiCo distribution network.

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