Didi revenue falls as crackdown hits business

China’s ride-hailing firm Didi Global on Wednesday reported a 1.7 per cent decline in third-quarter revenue, as its domestic business took a hit from a regulatory crackdown.

Daniel Zhang, the chief executive officer of Chinese e-commerce giant Alibaba Group Holding, who had served as a director on Didi’s board since 2018 has resigned, the company said.

He is succeeded by Yi Zhang, a senior legal director of Alibaba Group.

Chinese authorities have come down hard on Didi, after its New York Stock Exchange listing in June, demanding it take down its app from mobile app stores while the Cyberspace Administration of China (CAC) investigated its handling of customer data.

The company now faces stiff competition from ride-hailing services by automakers Geely and SAIC Motor.