Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Chinese Social Media Platform Weibo Punished for Spreading Pornographic Content
Trending in China: Could “76 Days”, a Doc About Covid-19 in Wuhan, Win an Oscar?
Huawei to Establish Biggest-Ever Overseas Flagship Store in Riyadh
China’s First High-School Education Group Files for $100m US IPO
Danish Pension PBU Backs First Close of New SE Asia-Focused Women’s Fund
Tencent Music to Buy Audiobook Platform Lazy Audio for $416 million
Shanghai-Based Robot Developer Closes $46 Million Funding Round
Trending in China: Top Broadcast Exec Questions if Esports Are Really a Sport – Cue Heated Debate
Chinese Video Streamer iQiyi Targets U.S. Market With Animation on Nickelodeon
Chinese Majority Owned Lotus Announce EV Sports Car Venture With Renault’s Alpine
Chinese New Film Materials Maker HIUV on Track to Raise $227m in STAR Market IPO
Jordan Slam Dunks on Copycat Chinese Sportswear Brand Forcing Them to Change Their Name
Trending in China: Will ‘Chinese Baijiu’ Name Change Propel It To Global Dominance?
EHang Pioneers Self-Flying Drones for Tourists in Greater Bay Area City
TCL Squashes Rumours it is Withdrawing From North America Amid Empty Shelves
Chinese PE Fund Manager CICC Capital Secures $649m Second Close of Biomedicine Fund
WeRide Receives $310 Million as Beijing Opens Highways to Autonomous Car Tests
China’s Orchid Asia Leads Funding in Delivery Platform Fantuan, Edtech Startup Ivydad
U.S.-Listed Video Streamer Bilibili Files for Secondary Listing in Hong Kong, CNBC Reports
Dining Delivery Pay Dispute Leads Man to Set Himself on Fire
Didi Challenger Dida Announces ‘Overall’ Profitability

By Zhao Runhua and Qian Tong / Sep 02, 2019 01:08 PM / Business & Tech

Photo: VCG

Photo: VCG

Dida is showing Didi how to make a buck.

While China’s ride-hailing giant Didi Chuxing continues to bleed cash, its rival Dida Chuxing on Sunday announced it’s now making money.

By Dida’s fifth anniversary, it has achieved “overall” profitability, according to CEO Song Zhongjie.

One caveat — it had supplemental sources of income: Its advertising, car maintenance, finance, and used-car trading businesses are profiting, and help cover losses in its ride-hailing units, Song said.

Started in 2014 as a carpool service, Dida remained lesser-known in a market dominated by Didi. However, Dida grew by gradually cultivating business in emerging ride-hailing markets where competition was less intense and began rolling out car-related services.

Dida said it now has 130 million users nationwide. The company also offers taxi ride-hailing services, which allow taxi drivers registered with Dida to pick up riders in 86 cities. The quick expansion is largely a result of huge subsidies it granted to passengers and drivers. In Hangzhou, for instance, Dida offered discounted taxi trips to passengers who agreed to install its apps. Meanwhile, the drivers could receive cash rewards for turning passengers into Dida members.

Dida is not China's first ride-hailing company to turn a profit. In July, high-end ride-hailing company Shouqi said its business in Shanghai and Shenzhen were in the black.

Related: Didi’s China Dominance Hits the Skids

Share this article
Open WeChat and scan the QR code