MILAN, Apr 19 (Class Editori) — DiDi Global, which is planning to delist from US listings, released its fourth-quarter 2021 financial statements, which show a 12.7% decline in turnover.
The Beijing-based ride-hailing company also stated that an extraordinary meeting has been called on May 23 to vote on the plan to delist from the New York Stock Exchange (NYSE). The company is not going to proceed with any further listings before the delisting from the NYSE is complete, in order to cooperate with Chinese authorities, which are conducting cybersecurity investigations into its operations.
Commenting on the planned delisting, China's markets regulator stated that the company made the decision independently and it had nothing to do with ongoing negotiations between Washington and Beijing over audit requirements.
As for financial results, DiDi reported revenues of 6.4 billion dollars for the 3 months ended on December 31, dragged down by a 15.1% decline in China’s ride-hailing operations. The contraction also had to do with Beijing's request to remove DiDi's ride-hailing apps from their app stores shortly after listing on the US stock exchange, which also resulted in a 27-million-dollar loss in the fourth quarter.
In the 12 months ended on December 31, however, DiDi reported revenues of 27.3 billion dollars, up by 22.6% from the previous fiscal year. The net loss for 2021, however, came in at 7.7 billion dollars.
DiDi also mentioned changes in management. Martin Lau, President and Executive Director of Tencent, resigned from its Board of Directors and his position has been handed over to Fengxia Liang, Tencent's Associate General Counsel. This change in management follows the resignation of a DiDi Board member, Daniel Zhang, President and CEO of Alibaba Group, in December.
(Source:Class Editori)
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