Chinese ridesharing giant Didi Global It said on Wednesday that both order volume and transaction value had reached record highs in the three months to June.
In both China and overseas markets, orders rose 17.4 percent to nearly 3.9 billion, while gross transaction value (GTV) reached 96.3 billion yuan ($13.5 billion), up 14.7 percent year-on-year, according to the latest earnings report.
“Transactions and GTV also saw healthy growth, both reaching new record highs last quarter,” said Chairman and CEO Will Cheng Wei.
Didi, which was delisted from the New York Stock Exchange in 2022 and now trades on the OTC market in the U.S., 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 rose 4.1 percent to 50.9 billion yuan.
The company’s growth is a reversal from its success a few years ago. The delisting in New York came months after its 2021 IPO triggered a cybersecurity investigation by Beijing that resulted in a 1.2 billion US dollar fine.
Didi had made progress with the IPO despite warnings from the Cyberspace Administration of China to postpone those plans, the Post previously reported. The company’s apps were subsequently removed from app stores and the platform stopped registering new users. Registrations for the main Didi Chuxing app resumed in January 2023.
While the investigation upended the company’s business for a year, it did little to affect its dominance in China’s ride-hailing industry. It continued to see Incoming orders increase in 2021and in 2023 the company saw its first quarterly profit since the investigation.
