Alibaba CEO Leaves DiDi Board of Directors
The Chinese ride-sharing platform DiDi Global posted net attributable losses of 49,167 million yuan (6,826 million euros) in the first nine months of 2021, compared to the ‘red numbers’ of 3,353 million yuan (465 million euros) in the The same period of the previous year, according to the company, which is finalizing its withdrawal from the New York Stock Exchange to be listed in Hong Kong.
On the other hand, the company has reported that Daniel Yong Zhang, CEO of Alibaba, will leave his position on DiDi’s board of directors, being replaced by the head of Alibaba’s legal area, Yi Zhang.
DiDi’s revenue until last September totaled 133,050 million yuan (18,473 million euros), 40% more than a year earlier, including a 37% growth in turnover in China, to 123,048 million yuan (17,084 millions of euros).
In the third quarter, the Chinese company lost 30,380 million yuan (4,218 million euros), compared to the gains of 672 million yuan (93 million euros) recorded in the same period of 2020, while the platform’s revenue they fell 1.7% year-on-year, to 42,675 million yuan (5,925 million euros).
DiDi’s shares have lost about 60% of their value since their jump to the Wall Street market last June, after Chinese authorities launched an investigation into DiDi’s data security practices and the Chinese group announced This month it will be delisted in the United States and will instead seek to do so on the Hong Kong Stock Exchange.
At the beginning of December, the Chinese platform announced the beginning of the necessary procedures to carry out the exclusion of its titles from the New York Stock Exchange, while also starting the process to be listed on the Hong Kong Stock Exchange.
“The board of directors has authorized and supports to carry out the necessary procedures and present the request for the exclusion of the company’s ADRs from the New York Stock Exchange, while ensuring that these will be convertible into freely negotiable shares of the company on another internationally recognized stock exchange at the choice of ADR holders, “the company explained.
Last June, the platform raised $ 4.4 billion (3.887 billion euros) with the sale of US depository shares (ADR) at a price of $ 14, the maximum expected in the price range set for the transaction, becoming one of the largest IPOs by an international firm since Alibaba’s trading debut in 2014.
However, within days of its debut on Wall Street, the Chinese authorities ordered the removal of the DiDi app from the country’s download stores in the context of increasing pressure from Beijing on other online businesses listed in the US markets.