Didi Global Post’s Revenue Decline Following Beijing’s Cybersecurity Survey

Date:

Didi Ltd

DIDI -8.18%

On Wednesday, Q3 sales were down 11.5% from the previous three months. Chinese regulator launches cybersecurity investigation It broke into a ride-hailing company and forced many of its apps to shut down.

Headquartered in Beijing, Didi is also Alibaba Group Holding Ltd. Daniel Zhang, chairman and chief executive officer of the company, said he has resigned from the board of directors. He has been taken over by Yi Zhang, senior legal director of a Chinese e-commerce giant who previously worked for several international law firms.

Diddy reported that sales for the three months to September 30 were worth $ 6.7 billion at the current exchange rate, compared to $ 7.6 billion for the three months to June 30. Cause of decline. The company also posted a net loss of $ 4.8 billion in the third quarter.

Diddy has been published Since Alibaba’s blockbuster in 2014, it went public on the New York Stock Exchange on June 30, after raising $ 4.4 billion in the largest initial public offering in the United States by a Chinese tech company.

Immediately after listing, Chinese cyberspace regulators said they were investigating Diddy’s cybersecurity. Many of Didi’s apps have been removed From a domestic app store.

The price of Diddy’s American Depositary Receipts plummeted, Record low this week After the 180-day post-IPO lockup period expired, its early shareholders were able to reduce their stakes. On Wednesday, New York-listed stock closed at $ 4.94, about 65% below the IPO price of $ 14.

Diddy in early December said it was planning Delisting Coming from the United States, we pursue a listing in Hong Kong. The company aims to publish in Hong Kong through a previously reported “list by referral”. This route allows companies already trading shares on other exchanges to open to financial hubs in Asia without raising new funding or issuing new shares.

During the nine months ending September 30, Diddy generated $ 20.9 billion in revenue, up 40% from the year-ago quarter, showing how much growth momentum was at the beginning of the year. The company’s September quarter revenue was slightly lower than in the third quarter of 2020.

Write in Serena N serena.ng@wsj.com

Copyright © 2021 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Didi Global Post’s Revenue Decline Following Beijing’s Cybersecurity Survey

Source link Didi Global Post’s Revenue Decline Following Beijing’s Cybersecurity Survey

The post Didi Global Post’s Revenue Decline Following Beijing’s Cybersecurity Survey appeared first on Eminetra.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Trump Legal Team Claims Biden DOJ Misled Court and Actually Seized *200,000 Pages* of Documents From Mar-a-Lago

DEVELOPING: Trump Legal Team Claims Biden DOJ Misled Court...

Rapper Coolio Found Dead in Los Angeles

Rapper Coolio has been found dead on a bathroom...

Nord Stream Pipeline Damage May Be Irreparable after Sabotage Attack

The Kremlin denounced allegations by Western media that it...