Didi

Investors are being forced to “play the long game” amid unrelenting pressure from Beijing.

Majority of 200 employees to be laid off, two years after entry into market.

Competitors have eaten into Didi’s market share after it was removed from app stores in China last year.

New regulations aim to improve gig workers’ pay and labor conditions.

Chinese President Xi Jinping keeps tight controls on tech companies ahead of party congress.

Leading ride-hailer to make dramatic retreat after USD 4.4 billion June IPO.

Several major mutual aid platforms have been suspended this year, while regulators are determined to rein in tech firms’ control of insurance-like services.

Under adjusted rules, drivers and vehicles that lack ride-hailing permits will be taken offline.