Chinese ride-hailing giant Didi Global Inc (滴滴) on Wednesday reported a 1.7 percent decline in third-quarter revenue, as its domestic business took a hit from a regulatory crackdown.
Alibaba Group Holding Ltd (阿里巴巴) chief executive officer Daniel Zhang (張勇) had resigned from his post as director on Didi’s board, the company said.
He is succeeded by Yi Zhang (張毅), a senior legal director at Alibaba Group, it said.
Photo: Reuters
Chinese authorities have come down hard on Didi after its New York Stock Exchange listing in June, demanding that it took down its app from mobile app stores, while the Cyberspace Administration of China investigated its handling of customer data.
The restriction hit Didi, cofounded in 2012 by former Alibaba employee Will Cheng (程維) and backed by Softbank Group Corp, which was the dominant ride-hailing company in China.
The company now faces stiff competition from ride-hailing services by automakers Geely Holding Group (吉利控股) and SAIC Motor Corp Ltd (上海汽車).
Under pressure from Chinese regulators concerned about data security, Didi this month succumbed and decided to delist from the New York Stock Exchange and pursue a Hong Kong listing.
Shares of Didi, which soared on their initial public offering, giving the company a valuation of US$80 billion and marking the biggest US listing by a Chinese firm since 2014, have since declined 65 percent.
Didi on Wednesday said that its board had authorized it to pursue a listing of its class A ordinary shares on the main board of the Hong Kong Stock Exchange.
“The company is executing above plans and will update investors in due course,” Didi said.
Revenue for the third quarter fell to 42.7 billion yuan (US$6.7 billion) from 43.4 billion yuan a year earlier.
Didi, which is expanding its presence in Europe and South America, said that revenue from its international operations nearly doubled to 966 million yuan in the quarter. Net loss attributable to ordinary shareholders was 25.91 yuan.
Taiwan would remain in the same international network for carrying out cross-border payments and would not be marginalized on the world stage, despite jostling among international powers, central bank Governor Yang Chin-long (楊金龍) said yesterday. Yang made the remarks during a speech at an annual event organized by Financial Information Service Co (財金資訊), which oversees Taiwan’s banking, payment and settlement systems. “The US dollar will remain the world’s major cross-border payment tool, given its high liquidity, legality and safe-haven status,” Yang said. Russia is pushing for a new cross-border payment system and highlighted the issue during a BRICS summit in October. The existing system
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to grow its revenue by about 25 percent to a new record high next year, driven by robust demand for advanced technologies used in artificial intelligence (AI) applications and crypto mining, International Data Corp (IDC) said yesterday. That would see TSMC secure a 67 percent share of the world’s foundry market next year, from 64 percent this year, IDC senior semiconductor research manager Galen Zeng (曾冠瑋) predicted. In the broader foundry definition, TSMC would see its market share rise to 36 percent next year from 33 percent this year, he said. To address concerns
Intel Corp chief financial officer Dave Zinsner said that a formal separation of the company’s factory and product development divisions is an open question that would be decided by the chipmaker’s next leader. Zinsner, who is serving as interim co-CEO following this month’s ouster of Pat Gelsinger, made the remarks on Thursday at the Barclays technology conference in San Francisco alongside co-CEO Michelle Johnston Holthaus. Intel’s struggles to keep pace with rivals — along with its deteriorating financial condition — have spurred speculation that the next CEO would make dramatic changes. That has included talk of a split of the company’s manufacturing
PROTECTIONISM: The tariffs would go into effect on Jan. 1 and are meant to protect the US’ clean energy sector from unfair Chinese practices, the US trade chief said US President Joe Biden’s administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the Office of US Trade Representative (USTR) said tariffs on Chinese-made solar wafers and polysilicon would rise to 50 percent from 25 percent and duties on certain tungsten products would increase from zero to 25 percent, effective on Jan. 1, following a review of Chinese trade practices under Section 301 of the US Trade Act of 1974. The decision followed a public comment period after the USTR said in September that it was considering
RSS