Didi to Cut Up Jobs Before Hong Kong Listing

Chinese Didi plans to decrease its overall headcount by 20% as the troubled tech company pushes ahead with plans to move its stock-market listing to Hong Kong.

The cuts will affect most of the company’s core businesses aim to reduce expenses ahead of the Hong Kong listing. Anonymous people said this, asking not to appear identified as the information isn’t public. Ride-hailing might see staff reductions of up to 15%, though drivers won’t be affected.

A Didi spokesperson didn’t directly comment on the job reductions, first reported by Chinese media Late Post. Some people said that the company has already reduced investments in once red-hot businesses like community grocery buying. Another person said that some units such as Didi Finance, expanding outside China, and its autonomous driving business will face less impact.

Didi emerged as one of the biggest targets of a crackdown by Chinese authorities. In June, the company pulled off its $4.5 billion U.S. initial public offering against Beijing’s wishes. Days after its listing, the company was under a cybersecurity probe, and its services disappeared from Chinese app stores.

Overview of currency pairs besides Didi situation

Currency bid prices

Dollar index

96.3090 95.9340 +0.40% 0.676% +96.4410 +95.9040

Euro/Dollar

$1.1301 $1.1347 -0.40% +0.00% +$1.1379 +$1.1280

Dollar/Yen

115.5700 115.5300 +0.04% +0.00% +115.7460 +115.0200

Euro/Yen

130.61 130.96 -0.27% +0.00% +131.3800 +130.0500

Dollar/Swiss

0.9252 0.9255 -0.03% +1.45% +0.9273 +0.9239

Sterling/Dollar

$1.3528 $1.3562 -0.26% +0.02% +$1.3571 +$1.3495

Dollar/Canadian

1.2723 1.2739 -0.12% +0.00% +1.2784 +1.2720

Aussie/Dollar

$0.7126 $0.7138 -0.17% +0.00% +$0.7150 +$0.7087

Euro/Swiss

1.0457 1.0502 -0.44% +0.00% +1.0514 +1.0438

Euro/Sterling

0.8351 0.8369 -0.23% +0.00% +0.8386 +0.8347

NZ

Dollar/Dollar $0.6615 $0.6653 -0.66% +0.00% +$0.6649 +$0.6593

Dollar/Norway

8.8885 8.8700 +0.28% +0.00% +8.9490 +8.8695

Euro/Norway

10.0451 10.0607 -0.17% +0.00% +10.1251 +10.0321

Dollar/Sweden

9.3846 9.3273 +0.13% +0.00% +9.4499 +9.3030

Euro/Sweden

10.6044 10.5918 +0.13% +3.62% +10.6917 +10.5743