DiDi Global Inc. (DIDI) stock plummeted 20.33% in the pre-market trading session at the price of $1.96 after announcing new appointments and unaudited financial results for Q4 of 2021.
DIDI is the leading mobility technology firm. It provides a broad range of application-based services, auto solutions, and financial services across Asia, Latin America, the Pacific, and other international markets.
DIDI Business Updates
On 16th April 2022, DIDI scheduled a general meeting of shareholders on 23rd May 2022 at 7:00 a.m. ET. The conference will be at Shangdong Digital Valley, Dongbeiwang West Road, Haidian, Beijing, China. In the meeting, the investors will vote on the delisting of the company’s ADSs from the NYSE.
DIDI also published its unaudited financial results for the three months that ended on 31st December 2021. The company reported cash and cash equivalents of US$6,815 million for the quarter ended 31st December 2021. Total revenues were US$6399 million for Q4 of 2021. For the year 2021, revenue totaled US$27277 million. Net loss was US$(27) million for Q4 of 2021. For the year 2021, the company calculated a net loss of US$(7742) million.
Additionally, DIDI announced the appointment of Ms. Fengxia Liang as a new director of the board. Meanwhile, Mr. Martin Chi Ping Lau has officially resigned from the company’s board. Ms. Fengxia has been serving as associate general counsel at Tencent Holdings Ltd since 2008. Before joining Tencent, she has worked as senior legal counsel at Deloitte. Ms. Liang acquired her LLM degree from London University and has an LLB from Fudan University.
As per the CSRC, DIDI’s decision to delist had not linked with any other US-listed Chinese stocks. Neither the company negotiated with the U.S. to resolve the audit issue. The company has decided that it will not list its shares on any other stock exchange till the completion of delisting. Meanwhile, DiDi is planning to explore various strategies, including evaluating other stock exchanges for future listing plans.