The Wall Street Journal: Didi’s revenue slumps after crackdown by Chinese government

United States

Didi Global Inc. said Wednesday its third-quarter revenues dropped 11.5% from the preceding three months, after Chinese regulators launched a cybersecurity probe into the ride-hailing firm and forced many of its apps to be taken down.

Beijing-headquartered Didi DIDI, -8.18% also said Daniel Zhang, the chairman and chief executive of Alibaba Group Holding Ltd. BABA, -2.36%, has resigned from its board. He has been succeeded by Yi Zhang, a senior legal director at the Chinese e-commerce giant who has previously worked at several international law firms.