Didi’s apps reappear on mobile stores in comeback’s first step
DIDI Global’s main apps have returned to the country’s biggest mobile stores, allowing the ride-hailing giant to resume growth after more than a year spent in regulatory limbo.
Its main ride-hailing app reappeared for download on the Chinese iOS store as well as platforms run by Huawei Technologies and Xiaomi, according to searches run on Friday (Jan 20).
The long-anticipated move suggests the worst is over for a ride-hailing giant that symbolised Beijing’s bruising campaign to rein in its powerful Internet industry. It’s one of the clearest signs that Xi Jinping’s administration, keen to jumpstart an economy that’s sagged under years of Covid Zero restrictions, sees a need for the private sector’s support in that broader campaign.
Didi, once feted as the national champion that drove Uber Technologies out of China, was among the highest-profile companies at the heart of a clampdown on the Internet industry that Beijing initiated in 2020 when it abruptly halted Ant Group’s IPO. Regulators cracked down on Didi’s business in 2021 after the company pushed ahead with a US$4 billion-plus US initial public offering against Beijing’s wishes.
Relaunching the apps is a prerequisite for Didi to resume business as usual, and to eventually work towards listing its stock in Hong Kong. It also suggests the government is serious about easing up on giants from Alibaba Group Holding to Tencent Holdings, including by approving the most significant crop of blockbuster titles since clamping down on gaming addiction. Didi would have to ensure compliance with Hong Kong exchange requirements, including on driver or car licencing.
“The market expects a listing in HKEx but DIDI will need to introduce a government-trusted shareholder before the company gets support” from regulators, Bernstein analysts wrote this week. “It also needs to increase licence compliance rate.” BLOOMBERG
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push
Hermes Q1 sales jump 17% on strong China demand
AstraZeneca leaps after smashing Q1 forecasts
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover