(Bloomberg) — Didi Global Inc. turned a profit in the June quarter, a welcome boost for the company as it prepares for a possible new listing in Hong Kong.
PorcelainChina’s largest ride-hailing provider reported net profit of 1.4 billion yuan ($196 million), compared with a small loss a year earlier. Revenue rose 4.1 percent to 50.9 billion yuan. yuanafter ride-hailing transactions hit a record.
The results reflect how the company is gradually recovering from a few difficult years. Once hailed as a national champion that defeated Uber Technologies Inc. in China, Didi’s business took a hit after Beijing cracked down on the internet industry.
Regulators fined the company $1.2 billion in 2022 and forced it to delist from the New York Stock Exchange after Didi proceeded with an initial public offering despite objections from authorities. In May, co-founder Jean Liu, who helped oversee the U.S. debut, stepped down from her roles as president and board chair. She was instead named chief people officer.
Didi shares now trade only over-the-counter in New York and remain significantly below their IPO price of $14 in 2021. The company now aims to list on the Hong Kong stock exchange, though the timeline for that remains unclear.
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