DiDi To Slash 20% Workforce Ahead Of Hong Kong Listing: Report

China's Uber Technologies Inc UBER counterpart DiDi Global Inc DIDI looks to reduce its overall headcount by 20% as it pushes ahead with its Hong Kong listing, Bloomberg reports.
Most of DiDi's core businesses will be affected by the cuts. DiDi aims to reduce expenses ahead of the Hong Kong listing.
The report adds that ride-hailing may see staff reductions of up to 15%. Interestingly, drivers - gig workers will remain unscathed.
DiDi has already pared investments in once red-hot businesses like community grocery buying.
Some units like Didi Finance, which expands outside China, and its autonomous driving business will be less impacted.
Shares of Didi have dropped nearly 70% from its offering price.
DiDi suffered a $4.7 billion loss after revenues shrank in the September quarter following the regulatory assault.
The market has priced in a possible penalty of 10 billion yuan ($1.6 billion) stemming from the government's probe into Didi, Bernstein said, adding that "the regulatory storm is largely over."
Bernstein said Didi would likely invest in marketing shortly after resuming new customer acquisition.
China looks to tighten rules for drivers and vehicles taking to the streets for the first time.
Price Action: DIDI shares traded higher by 3.27% at $4.42 in the premarket on the last check Tuesday.