In April, Didi was one of about three dozen Chinese Internet companies that were placed before the regulators and ordered to ensure compliance with anti-monopoly rules and “put the interests of the country first”.
Didi immediately issued a statement, which the antitrust regulator published on your website, “promoting the development and prosperity of socialist culture and science” and vowed to strictly follow the law.
Didi Dache was founded in 2012 in Beijing and in 2015 merged with a Chinese rival, Kuadi Dache, to form Didi Chuxing. Although Uber tried to compete in the Chinese market, it eventually sold its Chinese operations to Didi in exchange for a stake in the company.
In a filing for its IPO, Didi said revenue fell 8 percent to $21.63 billion last year due to the pandemic. Didi lost $1.6 billion last year, although it made a profit of $30 million in the first quarter of this year.
Although Didi is major in China and operates in 14 other countries, including Australia, Brazil, Mexico and Russia, its valuation is well below Uber’s $95 billion. Still, it dwarfs Lyft, the second-largest ride-hailing company in the United States, which is valued at about $20 billion.
Didi said it has the potential to continue to grow as it expands its business into new international markets. “We aspire to be a truly global technology company,” Didi founders Cheng Wei and Jean Liu wrote in a letter accompanying the filing.
Didi was valued at $56 billion in 2017, and its investors include SoftBank of Japan; Mubadala, an Abu Dhabi State Fund; Alibaba and Tencent, China’s two main Internet Goliath; and apple, which 1 billion invested To show our support for the Chinese market in 2016.