Didi Posts First Profit Since 2021 As it Plans Hong Kong IPO

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Didi Global Inc. has posted its first profit since 2021 suggesting a steady recovery in the ride-hailing market in China. Revenue increased 25% to 51.4 billion yuan, and the company’s net income for the third quarter was 107 million yuan ($14.7 million). This comes after a data handling probe led to the company’s delisting from the New York Stock Exchange in 2021. The company intends to publicly relist in Hong Kong the following year and has approved a $1 billion share-buyback programme over the next 24 months.

In Q3, Didi’s average daily transactions reached 31.3 million, despite a slow post-pandemic recovery. In the third quarter of this year, Didi’s China mobility segment brought in 46.6 billion yuan, while its international business segment—which mainly serves Latin American markets—saw revenue grow by 27.7% year over year to 2 billion yuan.

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Our team at Eastern Finance is made up of young and knowledgeable professionals who are here to provide you with business news from an eastern perspective.

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