China's ride-hailing firm Didi reveals $4.7-bn loss ahead of IPO debut

Didi, one of the highest-profile targets of a broad Beijing campaign to rein in country's giant tech sector, reported $6.6 billion of sales, down more than 13% from the June quarter

Didi Global Inc. disclosed a $4.7 billion loss after revenues shrank in the September quarter, revealing the rising cost of a series of regulatory actions that will force China’s ride-sharing leader to shift its listing to Hong Kong next year.

Didi, one of the highest-profile targets of a broad Beijing campaign to rein in the country’s giant tech sector, reported $6.6 billion of sales, down more than 13% from the June quarter and 1.6% from a year earlier. The surprise disclosure comes as the company prepares to delist from New York.

The ride-hailing giant is planning to work with Goldman Sachs Group