Business

Chinese Ride-hailing App Didi Reports $4.7B Net Loss for Q3 2021

Didi announced a $4.7 billion loss for Q3 2021. Revenues for the quarter ended September 30 fell to $6.7 billion, down from $7.5 billion in the previous quarter. The company also announced changes in its leadership board with former Alibaba CEO Daniel Zhang leaving its board to be succeeded by Alibaba Group Senior Legal Director Zhang Yi.

The company announced that its board has authorized the listing of its Class A shares on the Hong Kong Stock Exchange and will update investors in due time.

Didi’s loss comes at a time when the company is facing regulatory headwinds in its local market after its $4.4 billion IPO on the NYSE in June, after which Chinese authorities announced investigations into the company. Didi was ordered to take down its applications off Chinese mobile app stores and was subjected to investigations on allegations of violating regulation on handling customer data. Pressure from the regulator prompted the company to delist on the NYSE and pursue a listing on the Hong Kong Stock Exchange.

Nevertheless, the company is doubling down on its international presence, expanding in Europe and South America after its international revenues doubled to $151 million for the quarter.

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