(Bloomberg) — Didi Global Inc. swung back to a quarterly loss, a blow to the Chinese ride-hailing leader exploring a Hong Kong listing this year.
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The company reported a net loss of 1.3 billion yuan ($180 million) for the December quarter, versus a profit a year ago. Revenue climbed 7.1% to 52.9 billion yuan but expenses rose and the international business registered a loss, reflecting the rising cost of expansion.
The weak performance highlights the Chinese ride-hailing pioneer’s inconsistent recovery since the regulatory crackdown of a few years ago. Didi, known as China’s answer to Uber Technologies Inc., lost much of its market value after Beijing cracked down on data-sharing practices among prominent companies in the internet industry.
As part of the clampdown, the Chinese government forced the company to delist from New York’s main board in 2021 and suspended its apps, hammering the bottom line. Its shares now trade only over-the-counter and remain significantly below its IPO price of $14. The company aims to list on the Hong Kong stock exchange in due course, though the timeline for that remains unclear.
In the meantime, Didi is seeking fresh capital for its autonomous driving unit that could value the business at about $5 billion, Bloomberg News has reported. Within China, the mobility business completed a record 35.3 million daily average transactions in 2024’s final quarter.
The company also green-lit this week a two-year share buyback program of up to $2 billion.
(Updates with share buyback program in the sixth paragraph.)
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