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The Chinese passenger company reported a 1.7% drop in third-quarter revenue amid a tough Beijing survey.
China-based Didi Global reported a 1.7% drop in third-quarter revenue on Wednesday as its domestic business took a hit as a result of regulatory crackdowns.
Daniel Zhang, the chief executive of China’s e-commerce giant Alibaba Group Holding, who has served as Didi’s board of directors since 2018, has resigned.
Chinese authorities have cracked down on Didi after it was listed on the New York Stock Exchange in June, demanding that its application be removed from mobile app stores while the Chinese Cyberspace Administration (CAC) manages customer data.
The cuts affected Didi, a former Alibaba employee who was founded in 2012 by Will Wei Cheng and backed by SoftBank Group, a leading Chinese travel company.
The company faces stiff competition from the travel services of Geely and SAIC Motortec.
Concerned over Chinese data regulators, Didi complained in December and He decided to withdraw from the New York Stock Exchange and decided to make a Hong Kong listing.
European expansion
Didi’s shares, which rose in the IPO by giving the company a $ 80 billion valuation and a Chinese company since 2014 marking the largest U.S. listing, have since fallen 65 percent.
Didi said on Wednesday that his board had given the company permission to list its common Class A shares on the Hong Kong Stock Exchange’s general board.
“The company is running top plans and will update investors in due course,” Didi said.
Revenue for the third quarter ended Sept. 30 fell to 42.7 billion yuan ($ 6.7 billion) from a year earlier of $ 43.4 billion ($ 6.81 billion).
Didi, which is expanding its presence in Europe and South America, said revenue from its international operations nearly doubled to 966 million yuan ($ 151.6 million) in the quarter.
The net loss attributable to ordinary shareholders was 25.91 yuan ($ 4.07).
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