Didi Chuxing, China's largest ride-hailing company
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Didi Global Reports $4.7 Billion Quarterly Loss, Market Value Down from $68 Billion to $24 Billion Since June 2021 IPO

31st December 2021 | Hong Kong

Didi Global, the Chinese ride-hailing giant, has reported quarterly loss of $4.7 billion ending September and bringing total losses of 2021 to $6.3 billion.  Since Didi Global IPO in June 2021, the market value of Didi Global has fell from $68 billion to $24 billion (31/12/21).  In recent months, China had launched a cyber-investigation into Didi Global with its app removed from App Store, and requiring Chinese companies with sensitive data or technology to require national security approval before they are able to list in foreign stock exchange.  In early December 2021, Didi Global announced plans to delist from New York Stock Exchange, and prepare for a listing on Hong Kong Exchange (HKEX).  (IPO ~ Initial Public Offerings)

“ Didi Global Reports $4.7 Billion Quarterly Loss, Market Value Down from $68 Billion to $24 Billion “

 

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Didi Global Announcements

Didi Chuxing 2
Didi Chuxing, China’s largest ride-hailing company

Didi Global, China’s largest largest ride-hailing company, has announced plans to delist from New York Stock Exchange (NYSE) and target at a Hong Kong listing, just 5 months after IPO with share price down 53% from $14 to $6.49 (10/12/21).  Didi Global IPO had a market capitalization of $68 billion (30/6/21) and is currently at $24 billion (31/12/21).  Didi Global and known as Didi Chuxing in China, was founded in 2012 in Beijing (China), receiving investments from Softbank Vision Fund and Tencent, and in 2016 bought Uber China with Uber becoming a key shareholder (12.8%) of Didi Global.  The IPO had also created 2 self-made in CEO & founder Will Cheng Wei ($4.4 billion) and President Jean Liu Qing ($1.08 billion) in July 2021.

China authorities have been increasingly scrutinising companies raising foreign capital, China’s user privacy, technologies and sensitive information that foreign investors may gain access to. 

Didi Chuxing made an official statement on Friday (10/12/21): “the board of directors has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange” and on China social media Weibo: “After careful study, the company will start the work of delisting from NYSE and initiate preparation for listing in Hong Kong with immediate effect.”

 

DiDi Global Announcement to Delist from NYSE (12th December 2021):

DiDi Global, the world’s leading mobility technology platform, today announced that its board of directors (the “Board”) has authorized and supports the Company to undertake the necessary procedures and file the relevant application(s) for the delisting of the Company’s ADSs from the New York Stock Exchange, while ensuring that ADSs will be convertible into freely tradable shares of the Company on another internationally recognized stock exchange at the election of ADS holders. The Company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures. The Board has also authorized the Company to pursue a listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange.

 

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About DiDi Global Inc.

DiDi Global Inc. (NYSE: DIDI) is the world’s leading mobility technology platform. It offers a wide range of app-based services across Asia Pacific, Latin America and Africa, as well as in Central Asia and Russia, including ride hailing, taxi hailing, chauffeur, hitch and other forms of shared mobility as well as auto solutions, food delivery, intra-city freight and financial services.



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