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Populations in China’s megacities had swelled, but the supply of taxis wasn’t keeping up.
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Cheng started Didi because of how hard it was to get a cab in Beijing. After climbing Alibaba’s ranks for six years, Mr. The sales team he joined was nicknamed the “iron army” for its relentless drive. He was 22 when he talked his way into a job at the e-commerce giant Alibaba. Cheng had brought a bagful of cutthroat corporate tricks to China’s booming online rides industry. Cheng used their meeting to push Kuaidi to agree to the merger. ‘This Place Was Never Conquered’īut on Valentine’s Day, Didi announced that it would join forces with its biggest rival, Kuaidi. It is taking much less time to destroy that wealth than it did to create it. Its 38-year-old founder and chief executive, Cheng Wei, and its president, Jean Liu, 43, who is almost certainly the most prominent woman in China’s internet industry, own shares worth billions. In this age of distrust between China and the United States, one of Beijing’s concerns appears to be whether companies like Didi, with all their data and influence on ordinary lives in China, should really be going public on American stock exchanges.Īfter Didi’s initial public offering, the company was valued at $79 billion at its July 1 peak.
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Those numbers do not include Didi’s services in Latin America, Japan, Russia and beyond.Ĭhina wants to make sure Didi’s next chapter - and the whole tech industry’s - is less unruly than the first. Didi handled 25 million rides a day in China during that period Uber, globally, 16 million. On average, 156 million people a month used Didi in China in the first quarter of this year, compared with 98 million for Uber worldwide. It made Didi the biggest online ride platform on the planet. Then passels of government officials stationed themselves in Didi’s offices.ĭidi’s ascent, which more than a dozen former employees described to The New York Times, did not merely end Uber’s business in China. Then the company was fined for antitrust violations. Then Didi’s apps were forced off mobile stores. In early July, two days after Didi went public in New York, China’s internet regulator ordered it to stop signing up new users while officials examined its cybersecurity practices. But so long as online conversations were filtered, search results were sanitized and videos were censored, internet companies’ success was the nation’s. They moved fast, and they might have broken a few rules. The companies were making China richer, more productive and better entertained.
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And by and large, Beijing was fine with that.
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Today, the company acknowledges that many rides are still being provided by drivers and vehicles that don’t meet local requirements.Īnd when China’s government demanded that ride-hailing services share real-time trip data for safety purposes, Didi dragged its feet, citing privacy concerns - until the rapes and murders of two female passengers finally pushed the company to relent.ĭidi and other Chinese internet giants grew big and powerful by learning to thrive in regulatory gray zones. When Beijing, Shanghai and other big cities began requiring that drivers for ride-hailing platforms be local residents, Didi protested. When a venture capital firm invested $3 million in the company in 2012, Didi lacked several of the state-issued licenses it needed to do business, two people familiar with the matter said. And in one way or another, it has been testing the authorities ever since. China’s leading ride-hailing company, Didi, was an operation of dubious legality when it raised its first big bucket of money nearly a decade ago.