World News

China’s Didi sees money go down in laws | Wealth

China’s ladder company is 1.7 percent lower than its third-largest shareholder in Beijing.

China’s airline Didi Global on Wednesday also said it had dropped 1.7 percent in the third quarter, while its domestic business collapsed due to a lawsuit.

Daniel Zhang, chief executive of China’s largest e-commerce company Alibaba Group Holding, who had previously served as director on Didi’s board since 2018, has resigned, the company said.

Chinese officials have dropped significantly on Didi after their New York Stock Exchange list in June, forcing it to remove its software from mobile app stores while the Cyberspace Administration of China (CAC) investigated its customer service.

The ban hit Didi, who was founded in 2012 by Will Wei Cheng, a former Alibaba employee, with the help of SoftBank Group, China’s largest public transportation company.

The company is now facing stiff competition from Geely and SAIC Motortec driving services.

Under pressure from Chinese authorities over data protection, Didi in December succumbed decided to withdraw from the New York Stock Exchange and follow the Hong Kong list.

The rise of Europe

Didi shares, which rose in their IPOs and made the company $ 80 billion and recorded the largest US and Chinese company since 2014, fell by 65 percent.

Didi said on Wednesday their board had allowed the company to register its standard Class A shares on the Hong Kong Stock Exchange’s main board.

“The company is doing what we have said and will change investors over time,” Didi said.

Third-party funding over September 30 dropped to $ 42.7 billion ($ 6.71bn) from $ 43.4 billion ($ 6.81bn) last year.

Didi, who is expanding his presence in Europe and South America, said his foreign exchange earnings had risen by about 966 million yuan ($ 151.6m) in the sector.

The total loss of common owners was 25.91 yuan ($ 4.07).

Source link

Related Articles

Leave a Reply

Back to top button