Didi Chuxing (滴滴)
Fast facts
- Year Founded
- 2012
Source: DiDi Website www.didiglobal.com/about-special/senior
- HQ Location
- Beijing, China
- Publicly Traded?
- Yes
No, but was reported to go public soon.Source: Tencent News new.qq.com/omn/20210105/20210105A03MQZ00.html
- Overseas Operations
- Yes
DiDi operates in Argentina, Australia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Japan, Mexico, New Zealand, Panama, Peru, Russia, and South Africa. It has also invested in Grab (Southeast Asia's largest ride-share provider), Ola (India's largest ride-share provider), Careem (MENA's largest ride-sharing provider), Bolt (a leading ride-sharing provider in Europe and Africa), Lyft (a leading ride-share provider in the US), and has established an office in Silicon Valley.Source: DiDi Website www.didiglobal.com/about-didi/about-us
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
In 2021 Q1, DiDi turned a profit for the first time.Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htmSource: CNBC www.cnbc.com/2021/06/10/didi-chuxing-files-for-ipo-booked-6point4-billion-revenue-in-q1.html
Valuation
Valuation is reported as enterprise value. It was last updated on November 29, 2021.Source: Yahoo Finance finance.yahoo.com/quote/DIDI/key-statistics
Employees
Source: China Daily www.chinadaily.com.c/201902/15/WS5c664d9ba3106c65c34e9910.html
Founded in 2012 by a former Alibaba employee, Didi Chuxing (“DiDi”) is a Chinese mobile transportation and convenience platform that has risen to dominate the Chinese ride-sharing market with a market share of 80-90%. The company’s services include taxi hailing, private car hailing, social ride-sharing, bike sharing, on-demand delivery services, and automobile services, including sales, leasing, financing, maintenance, fleet operation, electric vehicle charging and co-development of vehicles with automakers. Operating in nearly 4000 cities across 15 countries, DiDi has about 500 million active users and tens of millions of drivers. It is backed by tech giants like Tencent and Alibaba as well as SoftBank, and in 2016 it acquired Uber China in a big win for the business.
In 2018, there were two high-profile murders and a sexual assault in DiDi’s ride-sharing service, scuttling initial IPO plans and causing the company to engage in significant image rehabilitation. Since then, DiDi has also been the subject of a number of antitrust probes, but none has resulted in too significant of a penalty. In June 2021, DiDi announced it was filing for an IPO in New York with a $65 billion valuation.
Source: DiDi Website www.didiglobal.com/about-didi/about-usSource: Tencent News new.qq.com/omn/20210105/20210105A03MQZ00.htmlSource: Wired www.wired.co.uk/article/didi-car-chuxing-uber-china-safetySource: Protocol www.protocol.com/china/didi-ipo-everything-to-knowSource: Financial Times www.ft.com/content/bb80e462-fbb9-49d1-8a87-b3ad511c1d4e
-
- Name
- Ownership
-
- SoftBank Vision Fund Entity
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
- 21.50%
- SoftBank Vision Fund Entity
-
- Cheng Wei (Will)
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
- 15.40%
- Cheng Wei (Will)
-
- Uber Entity
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
- 12.80%
- Uber Entity
-
- Tencent entities
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
- 6.80%
- Tencent entities
-
- Liu Qing (Jean)
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
- 6.70%
- Liu Qing (Jean)
- Cheng Wei (Will) (程维), Founder, Chairman and Chief Executive Officer
- Liu Qing (Jean) (柳青), Co-Founder, Director and President
- Zhu Jingshi (Stephen) (朱景士), Director, Senior Vice President and Chief Executive Officer of International Business Group
- Chen Zhiyi (陈峙屹), Director
- Lau Chi Ping (Martin) (刘炽平), Director
- Kentaro Matsui, Director
- Adrian Perica, Director
- Zhang Yong (Daniel) (张勇), Director
- Zhang Bo (Bob) (张博), Co-Founder and Chief Technology Officer
- Zhuo Yue (Alan) (卓越), Chief Financial Officer
- Wu Rui (吴睿), Co-Founder and Vice President of Risk Control and Compliance
- Hou Jinglei (候景来), Chief Mobility Safety Officer
- Li Min (李敏), Vice President of Public Communications
- Sun Shu (孙枢), Chief Executive Officer of China Ride Hailing
- Xu Peng (David) (徐鹏), Vice President and Head of Capital Markets
Source: SEC Form F-1 IPO Filing www.sec.gov/Archives/edgar/data/1764757/000104746921001194/a2243272zf-1.htm
DiDi operates in Argentina, Australia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Japan, Mexico, New Zealand, Panama, Peru, Russia, and South Africa. It has also invested in Grab (Southeast Asia's largest ride-share provider), Ola (India's largest ride-share provider), Careem (MENA's largest ride-sharing provider), Bolt (a leading ride-sharing provider in Europe and Africa), Lyft (a leading ride-share provider in the US), and has established an office in Silicon Valley.
Source: DiDi Website www.didiglobal.com/about-didi/about-us
Didi Chuxing Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Didi Chuxing Reputational Disclosures
On June 17, 2021, it was announced that the Chinese government had launched an antitrust probe into DiDi as it filed for an IPO in the US.
On May 1, 2021, DiDi was fined $77,27 by the State Administration for Market Regulation (SAMR) for failing to seek approval in its establishment of several joint ventures.
On March 12, 2021, DiDi was fined $77,000 by the SAMR for violating anti-monopoly rules.
On August 26, 2018, DiDi temporarily suspended services after a customer was raped and killed by her driver.
On May 11, 2018, DiDi suspended its “Hitch” carpooling service after a woman was killed by a male in her car. It was the second such death with “Hitch.”
Source: Reuters www.reuters.com/business/autos-transportation/exclusive-chinas-ipo-bound-didi-probed-antitrust-violations-sources-2021-06-17/Source: CGTN news.cgtn.com/news/2021-05-01/China-fines-Tencent-Didi-9-others-for-failing-to-disclose-deals-ZU0XlrsfgQ/index.htmlSource: Reuters www.reuters.com/article/us-china-anti-trust-idUSKBN2B40EFSource: BBC www.bbc.com/news/world-asia-china-45313074Source: BBC www.bbc.com/news/business-44081885
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Didi Chuxing’s cybersecurity review shows no sign of ending
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Chinese Audio Platform to List in Hong Kong After Scrapping U.S. IPO Plans
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China Cracks Down on Tech Sector as Curbs on User Data Take Effect
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Chinese regulators summon 11 ride-hailing firms, including Didi, over 'illegal behavior'
Chinese regulators have summoned and interviewed 11 ride-hailing firms asking them to rectify non-compliant behavior.
Ray Dalio is wrong about China's tech crackdown, economist says
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Alibaba-backed Nice Tuan halts group buying operations in some cities
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China sets tighter data security rules for ride-hailing firms amid Didi probe
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Didi expands ride-hailing market share despite Beijing’s crackdown
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Didi updates app for first time since it was banned from taking new users
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Didi Chuxing | South China Morning Post
Your source for credible news and authoritative insights from Hong Kong, China and the world.
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A powerful agency that China’s President Xi Jinping set up during his first term to police the internet is taking on a new role: regulating U.S.-listed Chinese companies.
Didi’s Regulatory Troubles Might Just Be Getting Started
After Beijing removed it from app stores over data concerns, the newly listed ride-hailing platform could face further scrutiny in China — and in the United States.
Antitrust watchdog punishes Alibaba, Tencent and Didi for decade-old deals
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Missing Woman Found Dead in BBQ Shop Freezer in South China
Her murderer was a man who posed as a Didi driver.
Didi Stock Rises on First Day, Though Rally Fades Into the Close
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China's top ride-hailing firm Didi Chuxing is leaning toward picking New York over Hong Kong for its initial public offering (IPO), eyeing a valuation of at least $100 billion via the float, two people with direct knowledge of the matter said.
China's Didi Chuxing partners with WhatsApp for ride-hailing in Brazil
Brazilian ride-hailing service 99, controlled by China's Didi Chuxing Technology Co Ltd, has partnered with WhatsApp to accept orders on the chat platform owned by Facebook in a move that would allow users to summon cars without using another app.
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China to test sovereign digital currency on ride hailing giant Didi
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Didi says ride-hailing business profitable, amid recovery in China market
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China’s ride-hailing giant Didi Chuxing has raised $150 million from SoftBank and Legend Capital for its bike-sharing unit, Qingju. This is the first time it has raised money from outside investors for the business, according to people with direct knowledge of the deal.Media reports in recent ...
China's Didi aims for 100 million orders a day by 2022: CEO
Didi Chuxing, China's biggest ride-hailing firm which counts SoftBank as an investor, aims to complete 100 million orders a day and have 800 million monthly active users globally by 2022, CEO Cheng Wei said.
Didi boss says safety scandal hit harder than her fight against cancer
Didi president Jean Liu says passenger deaths and subsequent safety scandal dealt a bigger personal blow than her struggle with breast cancer in 2015
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Ride-hailing app was to close off carpooling service for women after 8 pm
Didi is relaunching its pool service with a curfew for female passengers
Following the murder of two female passengers last year, China's largest ride-sharing company is restarting carpooling—but only until 8pm if you're a woman.
China’s Didi Chuxing spins out self-driving car unit
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Toyota Seeks Tech Strength With $600 Million Investment in Didi Chuxing
Toyota will invest $600 million in Chinese ride-hailing company Didi Chuxing, in the Japanese auto maker’s latest push to expand its technology portfolio.
China’s Didi Seeks Up to $2 Billion as Ride-Hailing Firms Want Investors to Fund Growth
Chinese ride-hailing company Didi Chuxing Technology is looking to raise fresh funds from investors, the latest sign that firms in the sector are eager to raise money to fuel investments while posting steep losses.
China’s ride-hailing giant Didi is welcoming its competitors to its app
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China’s Didi offers banking services as it rides into Latin America
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China’s Tesla wannabe Xpeng starts ride-hailing service – TechCrunch
There’re a lot of synergies between electric vehicles and ride-hailing. Drivers are able to save more steering an EV compared to a gas vehicle. Environmentally conscious consumers will choose to hire an electric car. And EVs are designed with better compatibility with autonomous driving, which is expected to hit public roads in the coming decades. […]
Didi Dominates Ride-Hailing in China but Loses Money on Many of Its Trips
Didi Chuxing Technology beat out Uber in China, but nearly three years later the startup, whose investors include its former rival and SoftBank, still struggles with profitability in its core ride-hailing business.
Killer cab driver’s family ordered to pay US$92,700 compensation
Driver Liu Zhenhua took own life after murdering Li Mingzhu in case that shocked China.
Didi is axing jobs and could retreat from food delivery and bike sharing | CNN
China's biggest ride-hailing firm is axing 15% of its staff and scaling back non-core businesses as it tries to get back on track following the murders of two passengers last year.
China’s Didi is laying off 15% of its staff – TechCrunch
China’s largest ride-hailing firm, Didi, plans to let go 15 percent of its employees, or about 2,000 people this year, sources told TechCrunch. The cut comes as the beleaguered transportation giant copes with a stricter regulatory environment that puts a squeeze on driver supply and backlash from two high-profile passenger murders last year. Chief executive Cheng […]
China’s Didi reportedly lost a staggering $1.6 billion in 2018 – TechCrunch
China’s largest car-hailing company is facing relentless pressure from all fronts. Beijing-based Didi Chuxing reportedly lost a staggering 10.9 billion yuan ($1.6 billion) in 2018, according to financial data that Chinese news site 36Kr obtained. For some context, Uber posted a net loss of $939 million on a pro forma basis and an EBITA loss at $527 million during […]
China’s grey economy losing ability to cope with laid off factory workers
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For Chinese Startups, an Economic Slowdown Brings a ‘Freezing Winter’
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Tencent moves into automotive with $150M joint venture – TechCrunch
China’s internet firms are getting pally with giant state-owned automakers as they look to deploy their artificial intelligence and cloud computing services across traditional industries. Ride-hailing startup Didi Chuxing, which owns Uber China, announced earlier this week a new joint venture with state-owned BAIC. Hot on the heels came another entity set up between Tencent and the […]
Didi Chuxing Mulls Layoffs
Ride-hailing giant Didi Chuxing is considering layoffs as it grapples with tighter regulations that limit its supply of drivers and cars, joining other Chinese tech companies whittling costs amidst the slowest economic growth in three decades.While plans haven’t been finalized and the figures ...
A Chill From Beijing Buffets China’s Tech Sector
After years of thriving under Beijing’s relatively light hand, China’s fast-growing technology sector is facing an unfamiliar situation: stepped-up government scrutiny.
Didi Chuxing loses Rmb4bn in first half of year
China ride-hailing company is paying out billions of dollars annually in subsidies
China goes without Didi Chuxing for the first time
Imagine the US without Uber. It's a bit like that.
Briefing: Didi Chuxing app slips 52 places to 61st in latest app store ranking · TechNode
The ride-hailing app was ranked the 9th on Apple’s iOS app store in China on Aug 20th, but slipped to 61st in just 9 days.
China clamps down on transport sector after Didi passenger killing
China clamping down on transport sector after Didi passenger's murder
Didi Suspends Carpooling Service in China After 2nd Passenger Is Killed (Published 2018)
The Chinese ride-hailing giant, which also fired two executives, has been criticized for not addressing the safety concerns of women who use its services.
Chinese teens hail 1,400km Didi ride with less than US$30
Bored Chinese schoolboys convince Didi driver to take them on 1,400km journey with less than US$30 in cash to pay him
China's Didi to invest $1 billion in its auto services platform
Didi Chuxing Technology, China's largest ride-hailing service, said on Monday it will invest $1 billion in its auto services business, part of a larger unit rebranding as the company ramps up to a widely anticipated initial public offering (IPO).
China’s Didi Chuxing continues its international expansion with Australia launch – TechCrunch
Didi Chuxing, China’s dominant ride-hailing company, is continuing its international expansion after it announced plans to launch in Australia this month. The company — which bought Uber’s China business in 2016 — said it will begin serving customers in Melbourne from June 25 following a month-long trial period in Geelong, a neighboring city that’s 75km […]
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Tech leaders are singing the praises of blockchain at this week's Communist Party meetings—months after Beijing launched a crackdown on cryptocurrency trading.
Uber Slayer: How China’s Didi Beat the Ride-Hailing Superpower
At the peak of hostilities, Uber and its rival Didi were each burning through more than a billion dollars a year. Here’s how Didi won out.
