China’s Didi Q2 revenue grows as regulatory curbs ease

Revenues at China’s Didi Chuxing rose 52.6% for the April-June quarter from a yr earlier to 48.8 billion yuan ($6.65 billion, because the ride-hailing agency emerged from a regulatory crackdown and demand rebounded with the top of strict COVID-19 restrictions.

Didi posted a internet lack of 300 million yuan, the corporate stated in an announcement on Saturday.

The firm, launched in Beijing in 2012 and backed by outstanding traders together with Alibaba, Tencent and SoftBank Group, ran afoul of regulators on the highly effective Cyberspace Administration of China when it pressed forward in 2021 with a U.S. inventory itemizing towards the regulator’s needs, sources have informed Reuters. It was delisted from the New York Stock Exchange final yr.

Didi started to emerge from its regulatory troubles earlier this yr, after China introduced the top up of a cybersecurity investigation into the agency and allowed it to revive its apps to cellular app shops.

The firm stated it plans “to engage with our consumers and drivers more actively for the rest of 2023 through effective promotion and more diversified and affordable product offerings.”

($1 = 7.3430 Chinese yuan renminbi)

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