Didi Global, a leading Chinese ride-hailing company, reported a significant financial turnaround in the fourth quarter (4Q23) of 2023, with a 55% year-over-year increase in revenue, amounting to 49.4 billion yuan ($6.83 billion). This growth is part of the company's gradual recovery, setting a positive tone ahead of its planned listing in Hong Kong. For the full year (FY), Didi's revenue climbed 37% to 192.4 billion yuan. Notably, the company swung to a profit in the fourth quarter, reporting a net income attributable to shareholders of 818 million yuan ($113.15 million), a stark contrast to the loss of 953 million yuan a year ago. This financial improvement comes as Didi continues to recover from regulatory challenges.
AliExpress and Temu were the fastest-growing ecommerce apps in South Korea in 2023; Nomura: Chinese websites account for only ~2% of South Korean ecommerce GMV (Financial Times) https://t.co/QFQke78osU 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/PA0mXxzkKc
On March 22nd, Meituan released its financial report for the fourth quarter and full year of 2023. In 2023, it achieved a revenue of RMB 2767.45 billion, a year-on-year increase of 25.8%, surpassing market expectations. #china #technology #Meituan #financialreport https://t.co/BGzPbNqKoo
CHINA’S INSTAGRAM-LIKE APP XIAOHONGSHU MAKES FIRST PROFIT -FT
BUDGET-CONSCIOUS SOUTH KOREANS ARE TURNING TO ALIEXPRESS AND TEMU AS CHINESE ONLINE MARKETPLACES EXPAND ABROAD AMID WEAKER DOMESTIC CONSUMPTION-FT
Budget-conscious South Koreans are turning to AliExpress and Temu as Chinese online marketplaces expand abroad amid weaker domestic consumption https://t.co/rrHkhY9aCp https://t.co/C3tcI7WqX1
Sources: Chinese social media startup Xiaohongshu reported its first profit with $500M in net profit on $3.7B revenue in 2023, and reached 312M MAUs, up 20% YoY (Financial Times) https://t.co/F4eTOI6hTC 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/Bl8NasOimu
China’s Instagram-like app Xiaohongshu makes first profit https://t.co/9Libj5hhOy
Chinese food delivery giant #Meituan surged up to more than 9% after it turned to profit in Q4 of 2023 https://t.co/haGgRmRP6L https://t.co/oaZU9pc4S7
Meituan rose 5% in Hong Kong on Monday as the 4Q result beat expectations. #China #Meituan $KWEB $FXI $HXC https://t.co/RbKEF9Czbn
Southeast Asia’s ecommerce players go low to get ahead in price war https://t.co/umYhu5Irwu
Abuse of the De Minimus loophole by Chinese e-commerce platforms Shein and Temu is quickly producing a China Shock 2.0 destroying the US apparel industry, much like subsidized Chinese manufacturing destroyed Western manufacturers in the early 2000’s. https://t.co/zHIcVVFZZY
"An increasing number of budget-conscious Koreans are turning to 🇨🇳 online marketplaces such as #AliExpress & #Temu as #China’s biggest ecommerce cos aggressively expand abroad amid weaker domestic consumption...#Shein is also making inroads" https://t.co/m5pHRTcF4w
China’s ecommerce groups make inroads in South Korea with lure of low prices-ft
China’s ecommerce groups make inroads in South Korea with lure of low prices https://t.co/lqi92K6H3v
Didi Q4: revenue up 55.4% YoY to ~$6.83B, a ~$113.15M net income, up from a ~$131.8M loss YoY, as the company continues its recovery after regulatory challenges (Reuters) https://t.co/ecEcfpj4ce 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/J8ZWOneYO4
China's Didi Swings to Profit in Fourth Quarter - Reuters https://t.co/Km3i7cmCv1
#China's Didi swings to profit in fourth quarter Didi Global reported net income attributable to shareholders of 818 million yuan ($113.15 million) in the three months ending Dec. 31, compared with a loss of 953 million yuan a year ago. https://t.co/TVOuyJAsrF
$DIDIY Didi Global 4Q23 revenue rose 55% y/y, sustaining the Chinese ride-hailing leader’s gradual recovery ahead of a planned listing in Hong Kong this year. The company’s revenue increased to 49.4B yuan ($6.83B) in 4Q, while for FY revenue climbed 37% to 192.4B yuan...