Chinese ride-hailing giant Didi reports record transaction value for June quarter

Didi Global reported a 15 per cent jump in transaction value to US$13.5 billion, while orders rose 17 per cent to 3.9 billion

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A woman walks past the headquarters of Didi Global in Beijing. Photo: AP

Published: 10:09pm, 21 Aug 2024Updated: 11:18pm, 21 Aug 2024

Chinese ride-hailing giant Didi Global on Wednesday said that both order volume and transaction value reached record highs during the three months through June.

Orders in both China and overseas markets rose 17.4 per cent to nearly 3.9 billion, while gross transaction value (GTV) reached 96.3 billion yuan (US$13.5 billion), up 14.7 per cent from a year earlier, according to its latest earnings report.

“Transactions and GTV also saw healthy growth, and both reached new record highs during the past quarter,” chairman and CEO Will Cheng Wei said.

Didi, which delisted from the New York Stock Exchange in 2022 and now trades on the over-the-counter market in the US, reported a profit of 1.4 billion yuan for the June quarter, compared with a loss of 267 million yuan in the same period in 2023. Revenue grew 4.1 per cent to 50.9 billion yuan.

In June, Didi said that it has no specific time frame for its plans to float shares in Hong Kong.

The company’s growth is a turnaround from its fortunes a few years ago. Its delisting in New York came months after its 2021 initial public offering triggered a cybersecurity investigation by Beijing, which culminated in a US$1.2 billion fine.