DiDi faces the loss of $6.3 Billion for the first time in nine months

Chinese ride-hailing giant DiDi has seen its loss deepen after Beijing ordered online stores not to offer the company’s application on their platform. The company reportedly faced a loss of $6.3 billion for the first time in nine months as the revenues in China fell down by 5% in the third quarter.

Didi has also become one of the most high profile targets of Beijing’s clampdown on the country’s technology industry. The restrictions from the Chinese authorities have affected its share price in the USA as well.

The value of Didi on the New York Stock Exchange has fallen by 65% ever since its debut in June. In the recent reports to its investors, the company also mentioned that the board has authorised the company to pursue a listing of its shares on the Hong Kong Stock Exchange.

The company has said that it will update the investors if anything happens. After the US Securities and Exchange Commission announced the finalised rules for the US-listed foreign companies, Didi also announced that it would consider delisting from the New York Exchange Board and start preparing for listing in Hong Kong following careful research.