Chinese ride-hailing group Didi Chuxing’s business has declined rapidly as losses balloon and the company burns through the $4.4bn raised in its New York initial public offering just months ago.
Didi’s operating losses widened to $6.3bn in the first nine months of the year and its revenues in China fell 5 per cent in the third quarter compared with the same period a year earlier.
The losses came after authorities forced Didi to stop signing up new users and domestic app stores to remove more than two dozen of the company’s services days after its June IPO.
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