Didi Global, a Chinese ride-hailing company based in Beijing, announced a 7.1% increase in fourth-quarter revenue, reaching 52.9 billion yuan ($7.32 billion). This growth reflected the company's progress in recovering from a regulatory overhaul that affected its operations.

In contrast to a profit of 45 million yuan in the previous year's equivalent period, the company faced a net loss of 1.3 billion yuan by the end of December 31.

Didi faced scrutiny from China's cyberspace regulator after attempting a U.S. initial public offering without approval in 2021. This led to an investigation that resulted in restrictions on user acquisition and the removal of many apps from stores.

In July 2022, Didi was fined $1.2 billion for violating data security regulations by the regulator. Despite being delisted from the U.S. in 2022, the company obtained permission to reintroduce its apps in early 2023.

Although China's economic growth remains sluggish, there is a noticeable improvement in travel demand. Across its platforms in China, Didi processed a total of 3.25 billion transactions during the quarter, representing a 10.8% year-on-year increase.

(The conversion rate is $1 = 7.2228 Chinese yuan renminbi).

(Authored by Liam Mo and Brenda Goh, Edited by Louise Heavens)