Didi Reports US$4.7 Billion Net Loss in Q3

Garrett_Li

Garrett_...

· 2021.12.31

Didi’s mobility service business in China brought in 39 billion yuan in revenue in Q3, while its international business generated revenue of one billion yuan for the company. Revenue from other business segments was 2.7 billion yuan.

BEIJING, December 30 (TMTPOST) — Chinese mobility service giant Didi Global Inc. disclosed a 30.6-billion-yuan (US$4.7 billion) net loss in Q3, according to the company’s unaudited fiscal report for Q2 and Q3.

The company achieved a revenue of 42.7 billion yuan (US$6.6 billion) in Q3, registering a 2% decline from 43.398 billion yuan in the same period last year, according to the fiscal report under GAAP rules.

Didi’s mobility service business in China brought in 39 billion yuan of revenue in Q3, while its international business generated revenue of one billion yuan for the company. Revenue from other businesses was 2.7 billion yuan.

A total of 2.855 billion transactions were recorded on Didi’s main platform, with a transaction volume of US$10.7 billion.

Chinese e-commerce giant Alibaba’s chairman and CEO Daniel Yong Zhang has resigned from Didi’s board. Zhang will be replaced by Zhang Yi, senior legal director at Alibaba and chief legal advisor of Alibaba’s lifestyle service unit.

Didi is currently preparing its public listing in Hong Kong after encountering a series of regulatory crackdowns. Didi announced early in December that it planned to leave the U.S. stock market when the U.S. Securities and Exchange Commission announced that US-listed foreign companies can be delisted if their auditors do not comply with requests for information from regulators.

Didi is planning to work with Goldman Sachs Group Inc., CMB International and CCB International on the shift to Hong Kong stock market, Bloomberg reported, citing people familiar with the matter.

Founded in 2012, Didi is a ride-hailing service provider headquartered in Beijing. The company has over 550 million users and tens of millions of drivers in China. The company went public on June 30, 2021, on the NYSE under the stock ticker "DIDI", raising US$4.4 billion on a valuation of close to US$70 billion. Didi’s IPO was the second-largest Chinese share offering in the United States since Alibaba.

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