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Didi revenue falls as China's regulatory crackdown hits business

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: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.Daniel Zhang, the chief executive officer of Chinese e-commerce giant Alibaba Group Holding, who had served as a director on Didi's board

: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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Didi quarterly revenue falls after regulatory crackdown hits business:China's ride-hailing firm Didi Global on Wednesday reported a 1.7per cent decline in third-quarter revenue as its Chinese mobility business took a hit from regulatory crackdown.After the company's listing on the New York Stock Exchange in June, Chinese authorities came down hard on Didi asking it to take dow
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