China ride-hailing giant Didi sees losses deepen after crackdown

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Beijing ordered online stores not to sell the Didi Chuxing app, which has caused the company's losses to deepen.

Revenues in China fell by 5% in the third quarter as the firm reported an operating loss of $6.3 billion for the first nine months of the year.

Didi made its New York stock market debut at the end of June.

It said this month that it will move its share listing to Hong Kong.

Didi has become one of the most high profile targets of Beijing's technology industry.

Its share price in the US has been hit hard by the restrictions placed on it.

The company's value on the New York Stock Exchange has fallen since its debut.

In its latest report to investors, the firm said that it had been given the go-ahead by its board to list its shares on the Hong Kong Stock Exchange.

Didi said that the company is executing above plans and will update investors in due course.

The US Securities and Exchange Commission said in December that it had finalized rules that would allow it to delist foreign companies if they don't comply with requests for information from regulators.

The company said it would delist from the New York stock exchange and begin preparations for a listing in Hong Kong.

The chief executive of Chinese e-commerce giant Alibaba has resigned from the Didi board, the company said in an announcement on Thursday.

Didi now faces stiff competition in its home market from ride-Hailing services launched by car makers, as well as being under intense scrutiny from Chinese regulators.

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