Chinese ride-hailing company aims to reduce expenses but gig workers will not be affected
Chinese ride-hailing giant Didi Global plans to reduce its overall headcount by as much as 20% as the troubled tech firm pushes ahead with plans to transfer its stock-market listing to Hong Kong, people with knowledge of the matter said.
A Didi representative did not immediately comment on the job reductions, which were first reported by Chinese media Late Post. The plans have not yet been finalised and could still change. The company has already pared investments in once red-hot businesses like community grocery buying, some of the people said. Some units like Didi Finance, which is expanding outside China, and its autonomous driving business will be less affected, another person said.
Shares of Didi have dropped nearly 70% from its offering price. The Beijing-based company revealed a $4.7bn loss after revenues shrank in the September quarter after the regulatory assault against the tech firm. The market has priced in a possible penalty of 10-billion yuan stemming from the government’s probe into Didi, Bernstein analysts led by Cherry Leung wrote in a report on Monday that said “the regulatory storm is largely over”.
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