China’s Didi Back in Profit as Ride-Hailing Grows in Run-up to IPO

(Bloomberg) — Didi Global Inc., China’s largest ride-hailing company, swung to a profit of 1.4 billion yuan ($196 million) in the June quarter, a welcome boost as it prepares for a potential re-listing in Hong Kong.

The company saw revenue climb 4.1% to 50.9 billion yuan, after ride-hailing transactions hit a record.

The results show that the company is gradually recovering from a tough few years. Once hailed as a national champion that defeated Uber Technologies Inc. in China, Didi’s business took a hit after Beijing clamped down on the internet industry.