Didi Global Inc. disclosed a US$4.7 billion loss after revenues shrank in the September quarter, revealing the rising cost of a series of regulatory actions that will force China’s ride-sharing leader to shift its listing to Hong Kong next year.
Didi, one of the highest-profile targets of a broad Beijing campaign to rein in the country’s giant tech sector, reported US$6.6 billion of sales, down more than 13% from the June quarter and 1.6% from a year earlier. The surprise disclosure comes as the company prepares to delist from New York.
The ride-hailing giant is planning to work with Goldman Sachs Group Inc., CMB International and CCB International on the shift, which could be a so-called listing by introduction, people familiar with the matter said. That arrangement, which doesn’t involve any fundraising, requires little marketing and would allow US investors to swap their shares for the new stock in Hong Kong.