Didi Global has seen its losses deepen after Beijing ordered online stores not to offer the company’s app. The firm reported an operating loss of $6.3bn (£4.7bn) for the first nine months of the year as revenues in China fell by 5% in the third quarter.
The Chinese crackdown came just days after Didi made its New York stock market debut at the end of June. This month, it said it will move its share listing to Hong Kong from the US. In recent months, the Chinese ride-hailing giant has become one of the most high-profile targets of Beijing’s clampdown on the country’s technology industry. The restrictions placed on it by authorities in China have hit its share price in the US hard.
The company said they will instantly start delisting on the New York stock exchange and start preparations for listing in Hong Kong. Didi also said in Thursday’s announcement that Daniel Zhang, the chief executive of Chinese e-commerce giant Alibaba, who had served as a director on its board since 2018, has resigned from the role.