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

(Bloomberg) — 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.