Didi reveals US$4.7bil loss ahead of Hong Kong IPO next year

A driver opens the Didi Chuxing ride-hailing app on his smartphone in Beijing on July 2, 2021. (Photo by Jade GAO/ AFP)

HONG KONG: Didi Global Inc disclosed a US$4.7bil (RM19.60bil) loss after revenues shrank in the September quarter, revealing the rising cost of a series of regulatory actions that will force China’s ride-sharing leader to shift its listing to Hong Kong next year.

Didi, one of the highest-profile targets of a broad Beijing campaign to rein in the country’s giant tech sector, reported US$6.6bil (RM27.53bil) of sales, down more than 13% from the June quarter and 1.6% from a year earlier.