China’s Didi Q2 revenue grows as regulatory curbs ease By Reuters

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<span>© Reuters. FILE PHOTO: The Didi logo is seen on the facade of the company headquarters in Beijing, China November 9, 2021. Picture taken November 9, 2021. REUTERS/Yilei Sun</span><br />
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<p>BEIJING (Reuters) &#8211; Revenues at China&#8217;s Didi Chuxing rose 52.6% for the April-June quarter from a year earlier to 48.8 billion yuan ($6.65 billion, as the ride-hailing firm emerged from a regulatory crackdown and demand rebounded with the end of strict COVID-19 restrictions.</p>
<p>Didi posted a net loss of 300 million yuan, the company said in a statement on Saturday.</p>
<p>The company, launched in Beijing in 2012 and backed by prominent investors including <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Alibaba </span></span> (NYSE:), Tencent and SoftBank (TYO:) Group, ran afoul of regulators at the powerful Cyberspace Administration of China when it pressed ahead in 2021 with a U.S. stock listing against the regulator&#8217;s wishes, sources have told Reuters. It was delisted from the New York Stock Exchange last year.</p>
<p>Didi began to emerge from its regulatory troubles earlier this year, after China announced the end up of a cybersecurity investigation into the firm and allowed it to restore its apps to mobile app stores.</p>
<p>The company said it plans &#8220;to engage with our consumers and drivers more actively for the rest of 2023 through effective promotion and more diversified and affordable product offerings.&#8221;</p>
<p>($1 = 7.3430 renminbi) </p>
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