Alibaba Backed DiDi Global Eyes Domestic Expansion As Travel And Consumption Recovers

On Thursday, Chinese ride-hailing company DiDi Global Inc DIDIY reportedly shared plans to expand services and offer more subsidies to passengers and drivers following the end of a regulatory probe.
DiDi will work with partners in the industry to offer more services and cover more cities, Reuters reports citing an online statement.
Uber Technologies, Inc's UBER Chinese equivalent acknowledged recovery in domestic travel, consumption, and the number of orders for online ride-hailing.
China banned DiDi from adding new users and removed its app from app stores from mid-2021 until this January under a sweeping crackdown.
Alibaba Group Holding Limited BABA, Tencent Holding Ltd TCEHY, and Softbank Group Corp SFTBF SFTBY backed ride-hailing firm drew the ire of Chinese regulator after pressing ahead in 2021 with a U.S. stock listing against the regulator's wishes.
DiDi won the permit to resume new user registrations for its core ride-hailing app in January.
Price Action: BABA shares traded higher by 0.40% at $81.86 on the last check Thursday.