The Chinese Didi Chuxing, equivalent of Uber in his country, announced Thursday more than 4 billion euros in quarterly losses, after the failure of its listing in the United States.
In a context of growing confrontation with Washington, China is encouraging its companies to seek financing primarily on its national stock exchanges (Hong Kong, Shanghai, Shenzhen or Beijing).
Contrary to many of his compatriots, Didi had maintained a fundraising campaign in the United States in June, angering Beijing.
The Communist power had launched an administrative investigation against the private group and, five months after its debut, Didi had finally left the New York Stock Exchange in November.
On Thursday, the Chinese champion of the reservation of cars with driver (VTC) announced 4.7 billion dollars (4.1 billion euros) in losses in the third quarter.
This period partly covers that of his presence on Wall Street.
And these losses are greater than the sum raised by the group during its IPO in June (4.4 billion dollars).
On American blacklist
Founded in 2015 and based in Beijing, Didi has racked up losses in recent years. In 2020, the firm had lost some 1.5 billion euros. Didi made the headlines by buying the subsidiary of the American Uber in China in 2016. His hasty departure from Wall Street coincided with the adoption in the United States of more restrictive rules for foreign companies listed there.
The US financial market regulator, the SEC, can now delist companies that do not have their accounts audited by an approved company.
Companies in mainland China and Hong Kong are notorious for not going through this procedure.
For its part, Beijing this month tightened the conditions for listing on the stock exchange abroad for its companies whose activity is on a "
negative list
".
This list identifies the sectors which foreign investors cannot freely access.
China has 31 including software and information technology.