Nearly two years after driving headlong into a regulatory wall, China's leading ride-hailing app DiDi Global Inc. finally began to regain some of its former momentum early last year as its woes receded. Those woes dated back to the company’s June 2021 New York IPO, when it was accused of misusing user data and listing its shares despite objections from Chinese regulators.
The company, often called the “Uber of China,” passed a milestone in January last year when its apps reappeared in Chinese app stores, following a crippling nearly two-year suspension that was part of a punishment meted out by regulators. It has continued to publish earnings reports even after de-listing its shares in June 2022. The latest of those, published in late May, signals that DiDi is regaining some of its momentum, as it recorded double-digit revenue growth, building on similar strong growth over the previous four quarters.
https://s28.q4cdn.com/896456191/files/doc_financials/2024/DiDi_2024_Q1_Press_Release.pdf