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Ride hailing app Didi Chuxing is preparing for an initial public offering in New York, Bloomberg reported, citing people familiar with the matter.

China-based Didi, a rival to Uber Technologies Inc, is targeting a listing as soon as next year, Bloomberg said on Monday.

The timing will depend on how Didi’s battle with Uber in China plays out, Bloomberg said, citing the people.

“We don’t have any such plan or schedule”, Didi Chuxing’s spokesperson said in a statement.

Apple Inc (AAPL.O) last week said it had invested $1 billion in Didi. Chief Executive Tim Cook said the move would help the company better understand the critical Chinese market.

(Reporting by Sangameswaran S in Bengaluru; Editing by Anupama Dwivedi)