Alibaba Backed DiDi Global Eyes Domestic Expansion As Travel And Consumption Recovers

Author: Anusuya Lahiri | March 16, 2023 12:47pm

On Thursday, Chinese ride-hailing company DiDi Global Inc (OTC:DIDIY) reportedly shared plans to expand services and offer more subsidies to passengers and drivers following the end of a regulatory probe.
DiDi will work with partners in the industry to offer more services and cover more cities, Reuters reports citing an online statement.
Uber Technologies, Inc's (NYSE:UBER) Chinese equivalent acknowledged recovery in domestic travel, consumption, and the number of orders for online ride-hailing.
China banned DiDi from adding new users and removed its app from app stores from mid-2021 until this January under a sweeping crackdown.
Alibaba Group Holding Limited (NYSE:BABA), Tencent Holding Ltd (OTC:TCEHY), and Softbank Group Corp (OTC:SFTBF) (OTC:SFTBY) backed ride-hailing firm drew the ire of Chinese regulator after pressing ahead in 2021 with a U.S. stock listing against the regulator's wishes.
DiDi won the permit to resume new user registrations for its core ride-hailing app in January.
Price Action: BABA shares traded higher by 0.40% at $81.86 on the last check Thursday.