:China's ride-hailing firm Didi Global on Wednesday reported a 1.7per cent decline in third-quarter revenue, as its domestic business took a hit from a regulatory crackdown.
Chinese authorities have come down hard on Didi, after its New York Stock Exchange listing in June, demanding it take down its app from mobile app stores while the Cyberspace Administration of China investigated its handling of customer data. The company now faces stiff competition from ride-hailing services by automakers Geely and SAIC Motor.
Shares of Didi, which had soared in their IPO giving the company a valuation of US$80 billion and marking the biggest U.S. listing by a Chinese firm since 2014, have since declined 65per cent.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »