(Didi) Shares of Didi Global plunged more than 19% on Monday after posting a 12.7% decline in revenues in the fourth quarter of 2021.
Didi’s revenue in the fourth quarter was RMB40.777 billion or $6.399 billion, lower than the revenue of RMB46.699 billion in the prior year.
The fall in Didi’s revenue reflected a 15.1% sales hit from its core ride-hailing business in China following an order by Beijing on app stores to remove the company’s apps.
The Chinese ride-sharing giant reported a net loss of RMB171 million or $27 million in the fourth quarter, compared to a net loss of RMB7.231 billion in the prior year.
Didi said that it will hold a shareholder meeting on May 23 to vote on the potential delisting from the US. The company said it will cooperate with the ongoing cybersecurity probe and will not seek another public listing until it completes the NYSE delisting process.
China Securities Regulatory Commission said that Didi’s delisting is not related to the ongoing deliberations on auditing requirements. The regulator termed the move as an independent one by the company.
DIDI: NYSE is down -19.51%
