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China’s Troubled Ride-Hailing Giant Didi Reveals $4.7 Billion Loss Ahead Of Hong Kong Listing

December 31, 2021
Source: globalintelhub.com globalintelhub.com
News Snapshot:
By Tyler Durden, This year, China's troubled ride-hailing giant Didi has had a clouded outlook as Chinese regulators crackdown on its consumer data, leading to an upcoming delisting from US exchanges. The company plans to list in Hong Kong next year, but today's new filing revealed a $4.7 billion loss in the third quarter. Didi has been one of the highest-profile targets of a regulatory crackdown by Beijing to rein in the country's giant tech sector. It reported Thursday $6.6 billion of sales, plunging 13% from the June quarter and 1.6% from a year earlier, according to the company's unaudited...
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Tags: app | Beijing | blocked | China | Chinese | consumer | crackdown | cybersecurity | data | delist | delisting | Didi | Economy | Giant | Hong Kong | index | ipo | IT | KONG | law | national security | New York | stock market | stocks | technology

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