Chinese ride-hailing giant
Didi’s average daily users plunged to 10.9m in August from 15.6m in June, according to data from Chinese mobile data tracker
Meanwhile, its main competitors either experienced a surge in user numbers or a similar fall, as regulatory fears weighed on the Chinese tech industry.
Beijing’s authorities opened an investigation into
The fallout from the investigation has hit Didi’s business hard, in part due to the regulator imposing a ban on new customer sign-up which is depriving the app of about 4m new users a month, based on its usual rate.
But US shareholders are yet to find out the extent of the damage, as the company has held off reporting its second quarter earnings – lagging behind most of its
Shortly before launching its
This is coupled with China’s broader regulatory crackdown in recent months on Chinese tech giants and other business sectors including education for perceived monopolistic behaviour and unfair competition.
Xi Jinping’s government is concerned about listings in the US, where over 30 Chinese firms raised a record
But Beijing’s recent campaign against offshore listings of Chinese companies in the US has caused foreign investors to doubt the prospects of Chinese companies that IPO on
The ongoing probe led
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“As soon as we have any more news on additional new markets, we look forward to sharing.”
“We have established an international talent hub in the
The post Chinese
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