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Didi Reveals $4.7 Billion Loss Ahead of 2022 Hong Kong Debut

  • The business shrank sharply after regulators clamped down
  • Didi has become a poster-child for Beijing’s tech crackdown
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Didi Global Inc. disclosed a $4.7 billion loss after revenues shrank in the September quarter, revealing the rising cost of a series of regulatory actions that will force China’s ride-sharing leader to shift its listing to Hong Kong next year.

Didi, one of the highest-profile targets of a broad Beijing campaign to rein in the country’s giant tech sector, reported $6.6 billion of sales, down more than 13% from the June quarter and 1.6% from a year earlier. The surprise disclosure comes as the company prepares to delist from New York.