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☆ Didi Global to Resume New User Registration for Ride-Hailing Service
▼ + stars: | 2023-01-16 | by ( Raffaele Huang | ) www.wsj.com time to read: 1 min

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☆ China lifts ban on ride-hailing giant Didi's new user registration -company statement
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

Jan 16 (Reuters) - China's ride hailing giant Didi Global said in a statement on Monday it would be allowed to resume new user registration, after a more than year-long ban that curbed its growth. The company would take effective measures to ensure platform safety and data security, and safeguard national cyberspace security, it said in the statement. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to a return to normal business since its regulatory troubles started in mid-2021. Didi will need its ride-hailing and other apps to be back on domestic app stores to win new users, though the statement did not specifically mention it. Reporting by Yingzhi Yang and Julie Zhu; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

☆ The fog lifts for Didi's path to normalcy
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 13 (Reuters Breakingviews) - Didi Global's road ahead looks clearer. The move effectively removes a one-and-a-half year ban on new users for Didi, which has cost it dearly. Its market share has fallen more than 10 percentage points to 72% over the period, according to Bernstein analysts. That should help clear the way to an eventual re-listing in Hong Kong. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Morning Bid: Money in the bank
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +5 min

Kicking off the fourth-quarter corporate results season in earnest, JPMorgan, Citigroup, Bank of America, Bank of New York Mellon and Wells Fargo are among the countries biggest banks updating on Friday. It will take some twist to puncture the optimism on peak inflation and peak Federal Reserve interest rates, however. Futures markets still see rates topping out below 5% by midyear and pencil in a half point of rate cuts between then and yearend. The yen surged on speculation the Bank of Japan could revise its ultra-loose monetary policy again at next week's policy meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. The automotive group led by founder Li Shufu now houses seven brands manufacturing electric vehicles, of which three are high-end brands. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. Zeekr was established by Geely, formally known as Zhejiang Geely Holding Group (GEELY.UL), in April 2021 to tap into increasing Chinese demand for premium EVs.

HONG KONG, Dec 12 (Reuters) - Zeekr, Chinese automaker Geely's upmarket electric car brand, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters. That compares with a valuation of about $9 billion in its maiden external fundraising last year. In doing so, it joins a growing list of Chinese automakers looking to launch or expand sales of EVs in the region. According to two of the sources, Zeekr also considered Hong Kong as its listing venue but picked New York in the hope of achieving a higher valuation. It said in October it would spin Zeekr off but did not identify a listing venue or the likely value of an offering.

HONG KONG, Dec 12 (Reuters Breakingviews) - Hong Kong’s bankers and officials fantasise about the moment China finally ditches its Covid-19 restrictions. Mainland Chinese firms account for eight of Hong Kong Exchanges and Clearing’s (0388.HK) ten largest ever IPOs. It remains faster for Chinese companies to list in Hong Kong, rather than join the long queue on the mainland. Hong Kong could also host more offerings from places like the Middle East and Southeast Asia, as Cha envisions. IPOs on the Hong Kong exchange have raised $7.1 billion so far in 2022, according to Refinitiv data for the year up to Dec. 7.

☆ Uber, delivery apps propose offering Mexico drivers social security
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Tech giant Uber (UBER.N) and delivery apps DiDi and Rappi have proposed offering social security benefits to workers in Mexico for the first time ahead of a new government bill set to regulate the gig economy. They stopped short of agreeing to classify drivers as employees, however, and few details were given on how payments towards social security costs would be divided. It is also unclear if the bill will seek to make drivers employees, or propose other reforms in line with the apps' statement. Ridesharing and delivery apps worldwide have pushed back against calls to classify workers as employees rather than independent contractors, saying the change would hinder their business models and deny drivers flexibility. Reporting by Isabel Woodford, Editing by Daina Beth Solomon, Cynthia Osterman and Anna DriverOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: China set to fine Ant Group over $1 billion, signalling revamp nears end-sources
▼ + stars: | 2022-11-22 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant's revamp later this year and announce the fine as soon as the second quarter of next year, said a source. Ant's fine would be the largest regulatory penalty imposed on a Chinese internet company since ride-hailing major Didi Global was fined $1.2 billion by China's cybersecurity regulator in July. The fintech firm's affiliate, e-commerce titan Alibaba Group (9988.HK), last year received a record fine of 18 billion yuan ($2.51 billion) for antitrust violations. The PBOC, however, is unlikely to formally disclose the application till Ant wraps up its revamp, added the sources.

☆ Stocks making the biggest moves in the premarket: Abiomed, Uber, SoFi, Pfizer and more
▼ + stars: | 2022-11-01 | by ( Peter Schacknow | ) www.cnbc.com time to read: +3 min

Uber Technologies (UBER) – Uber rallied 8.8% in the premarket after it reported better-than-expected quarterly revenue as gross bookings surged compared to a year ago. SoFi Technologies (SOFI) – SoFi surged 14.3% in premarket trading, following a smaller-than-expected quarterly loss and revenue that exceeded analysts' forecasts. Pfizer (PFE) – Pfizer jumped 4% in premarket trading following a better-than-expected quarter and an improved financial outlook. Avis Budget (CAR) – Avis Budget shares gained 3.7% in the premarket following better-than-expected quarterly earnings from the rental car giant amid continued strong travel demand. Trex (TREX) – Trex shares tumbled 7.5% in premarket trading after the maker of decking and railing materials missed both top and bottom line estimates for its latest quarter.

☆ Tencent Considers More Stake Sales to Fund Share Buybacks, Future Growth
▼ + stars: | 2022-09-20 | by ( Jing Yang | Raffaele Huang | ) www.wsj.com time to read: 1 min

Tencent Holdings Ltd. is looking into shedding more of its huge investment portfolio as the Chinese social-media and videogame company tries to fund a series of share buybacks and refocus its growth strategy, people familiar with the matter said. The technology giant, which owns stakes in some of China’s largest internet companies, has recently completed a regular review of its sprawling portfolio and identified its priorities for possible stake sales based on the returns these investments have generated, the people said. Potential disposals could include online real-estate brokerage KE Holdings food-delivery company Meituan and ride-hailing giant Didi Global they added. Tencent is in no rush to execute the divestments, the people said, and it is unclear when they will happen.

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