Alibaba Backed DiDi Global Eyes Domestic Expansion As Travel And Consumption Recovers

  • On Thursday, Chinese ride-hailing company DiDi Global Inc DIDIY reportedly shared plans to expand services and offer more subsidies to passengers and drivers following the end of a regulatory probe.
  • DiDi will work with partners in the industry to offer more services and cover more cities, Reuters reports citing an online statement.
  • Uber Technologies, Inc's UBER Chinese equivalent acknowledged recovery in domestic travel, consumption, and the number of orders for online ride-hailing.
  • China banned DiDi from adding new users and removed its app from app stores from mid-2021 until this January under a sweeping crackdown.
  • Alibaba Group Holding Limited BABATencent Holding Ltd TCEHY, and Softbank Group Corp SFTBF SFTBY backed ride-hailing firm drew the ire of Chinese regulator after pressing ahead in 2021 with a U.S. stock listing against the regulator's wishes.
  • DiDi won the permit to resume new user registrations for its core ride-hailing app in January.
  • Price Action: BABA shares traded higher by 0.40% at $81.86 on the last check Thursday.

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