Chinese ridehailing giant Didi Global Inc (滴滴) plans to reduce its overall headcount by as much as 20 percent as it pushes ahead with plans to transfer its stock-market listing to Hong Kong, people with knowledge of the matter said.
Most of the company’s core businesses would be affected by the cuts, which are aimed at reducing expenses ahead of the Hong Kong listing, the people said, asking not to be identified as the information is not public.
Ridehailing might see staff reductions of up to 15 percent, although drivers — gig workers who are not officially included in the company’s headcount — will not be affected, one of the people said.
A Didi representative did not immediately comment on the job reductions, which were first reported by Chinese media Late Post.
The plans have not yet been finalized and could still change.
The company has already pared investments in once red-hot businesses such as community grocery buying, some of the people said.
Some units — such as Didi Finance, which is expanding outside China, and its autonomous driving business — will be less affected, another person said.
Didi, which had its US$4.4 billion US initial public offering in June last year against Beijing’s wishes, has emerged as one of the biggest targets of a crackdown by Chinese authorities.
Days after its listing, the company was placed under a cybersecurity probe and its services were taken off Chinese app stores.
Months later, Didi announced that it was planning to withdraw from the New York Stock Exchange and instead seek a new listing in Hong Kong, a move aimed at allaying concerns over the potential exposure of its data to foreign powers.
Shares of Didi have dropped nearly 70 percent from its offering price.
The Beijing-based company revealed a US$4.7 billion loss after revenues shrank in the third quarter last year following the regulatory assault against the tech firm.
Investors now await the final penalties stemming from the cybersecurity probe, as well as more details on how Didi, which is backed by Softbank Group Corp and Tencent Holdings Ltd (騰訊), intends to transfer its shares to Hong Kong.
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