Didi Global Inc. posted its first profit since 2021, sustaining the Chinese ride-hailing leader’s gradual recovery ahead of a 2024 Hong Kong listing, reports Caixin. China’s answer to Uber posted a net income of RMB 107 million ($14.7 million) in the third quarter, after it resumed registering new users in January. Revenue in the September quarter rose 25% to RMB 51.4 billion, the company said in a statement on Monday.
The results suggest Didi is making headway in an effort to regain market share lost since 2021, when regulators launched a probe into its data handling and forced it to delist from the New York Stock Exchange. That chilled business expansion, drove co-founder Cheng Wei from the public spotlight and allowed rivals such as Meituan to encroach on its turf. In a signal to investors, Didi said it’s authorized a $1 billion share-buyback program that will take place over the next 24 months.
“In the future, we expect to continue expanding our core businesses while enhancing our product and service capabilities,” Cheng, also Didi’s chief executive officer said in a rare statement since resolving the investigation.