ride hailing Archives - Chinese Stocks News

7Sep

By LianneNo Comments

Tech

Didi Competitor Cao Cao raised $589m

Geely’s Cao Cao Mobility said on Monday that it had raised 3.8 billion yuan ($589 million) to fund expansion, amid competition to grab market share from China’s embattled ride hailing leader Didi Global Inc. Cao Cao’s funding round comes as New York-listed Didi faces a cybersecurity investigation by Chinese authorities. Along with other ride hailing companies, including Meituan’s, Cao Cao is offering promotions to attract more users. Cao Cao, which was launched in 2015, said in a statement it will use the money to develop technology, expand its business, and develop its own purpose-built vehicles for ride hailing. Chinese regulators are urging ride hailing companies to hire qualified drivers to comply with relevant rules and protect data security. Cao Cao operates in 62 ci...

17Aug

By LianneNo Comments

Politics, Tech

Didi announces first update of its ride-hailing app since Beijing ban

Didi Chuxing, whose main app was taken off app stores in China in early July at Beijing’s behest, said it has updated a billing function for drivers as previously promised. We see this as a sign that it is working on the app to meet the demands of regulators. This is the first update of the app since the company got forced out of the Chinese app stores a few weeks ago. The ride-hailing giant said in a statement on its official Weibo account on Monday that it has added a new feature to its driver app, which provides a detailed breakdown of a driver’s income for each ride and the share a driver earns from each passenger payment over a seven day period, to boost “transparency” in billing for drivers. This is the first time that Didi has made an announcement about its app since it was ...

China’s ride-hailing industry records a 12.4% drop in June

13Jul

By LianneNo Comments

Tech

China’s ride-hailing industry records a 12.4% drop in June

News for Investors in Didi and other Chinese Ride Hailing companies. In June 2021 a total of 701.46 million orders were reported. This is a decline of 12.4 percent from the previous month according to the MOT. Among the major platforms, Shouqi reported a 20.4 percent drop in orders, while Didi Chuxing saw a decline of 13.4 percent in total orders. Among all 236 online ride-hailing platforms, 13 platforms, including Shouqi Limousine & Chauffeur, UCAR, Didi Chuxing, Geely-backed Cao Cao Mobility as well as some other operators, completed more than 300,000 orders in the past month, with ten platforms losing business. In terms of compliance rate, Didi Chuxing, which has been put under a strict regulatory scrutiny over cybersecurity issues, only saw a rate of 39.5 percent - meaning ...

12Jul

By LianneNo Comments

Tech

Meituan re-launches ride-hailing app

The timing couldn't be more perfect for Meituan to launch their ride hailing app again. On Friday Meituan announced that they are re launching Meituan Dache right after apps of Didi Chuxing were barred from accepting new users and were removed from app stores. The Meituan Dache app was launched in February 2017 and was merged into Meituan App in April 2019. Within 10 days after Meituan launched its car-hailing service in 2018 in Shanghai it captured one-third of the local market, media reported. In June 2019 Meituan Dache was removed from app stores in order to control costs following sustained losses according to the company. The ride-hailing app of Meituan served as an integration platform that accommodated other ride-hailing companies. China is now the world's largest car-...

12Jul

By LianneNo Comments

Business

China Orders Stores to Remove 25 more Apps Operated by Didi

The bad news just keep coming for Investors of Chinese ride hailing company Didi. China ordered mobile app stores to remove 25 more apps operated by Didi Global Inc.’s China arm. The government is saying that the apps illegally collect personal data. This is another escalation in its regulatory actions against the ride-hailing company. The apps newly targeted on Friday include Didi’s app for drivers offering rides through its platform, an app for corporate users and a financing app. On Sunday, the Cyberspace Administration of China ordered mobile stores to remove Didi’s main app in China. The cyber watchdog also banned websites and platforms from providing access to Didi-linked services in China, according to the watchdog’s statement. Users who had already downloaded Didi’s ...