Inside Didi’s RM264.33bil crash that changed China tech forever

Didi’s future now hinges on resolving the investigation to Beijing’s satisfaction. Insiders and investors close to the company are divided on what happens next. — Reuters

It was an unusually frigid December weekend when Cheng Wei summoned his inner circle to his Beijing office.

The founder of Didi Global Inc, dressed entirely in black, told his lieutenants to slash spending by a fifth in 2022 and begin layoffs after staff return from Lunar New Year vacations. He delivered his bombshell flanked by a giant Powerpoint slide that read: “Don’t live with illusions. Face reality.”