<p id="thickbox_headline">Chinese ride-hailing giant Didi Global on Thursday reported a $4.7 billion loss in the third quarter, as its revenues plummeted because of a regulatory crackdown by Beijing.</p>.<p>The troubles for the firm -- once called China's Uber -- began after it listed in New York in June, seemingly against the wishes of Beijing.</p>.<p>China then shocked investors by launching cybersecurity investigations into the company.</p>.<p>Didi was removed from app stores, and its stock has since fallen almost two-thirds in value. The firm announced this month it would delist from the New York Stock Exchange and prepare to shift to Hong Kong.</p>.<p>It reported a third-quarter loss of $4.7 billion, the bulk of the company's losses for the year to date, in a regulatory filing to the US Securities and Exchange Commission on Thursday.</p>.<p>It recorded an operating loss of $6.3 billion for the first nine months of the year.</p>.<p>Total revenues slipped 11 percent in the last quarter, after China removed Didi from domestic app stores in July, preventing new users from signing up.</p>.<p>China recently proposed a new law under which companies seeking foreign IPOs would need to register with the securities regulator. A listing will be blocked if it is considered a threat to national security.</p>.<p>Some of China's biggest firms have listed in the United States in search of more developed markets and fresh lines of cash from a massive investor base, but enthusiasm has wavered as tensions have soared between Washington and Beijing.</p>.<p>Instead, Beijing has encouraged companies to list on domestic exchanges to protect information and prevent data from heading overseas, and to develop China's capital markets.</p>.<p>Beijing's regulatory crackdown has expanded during the last year to curb runaway growth in China's powerful tech and internet sectors, and to reign in the influence of big businesses.</p>.<p><strong>Watch the latest DH videos:</strong></p>
<p id="thickbox_headline">Chinese ride-hailing giant Didi Global on Thursday reported a $4.7 billion loss in the third quarter, as its revenues plummeted because of a regulatory crackdown by Beijing.</p>.<p>The troubles for the firm -- once called China's Uber -- began after it listed in New York in June, seemingly against the wishes of Beijing.</p>.<p>China then shocked investors by launching cybersecurity investigations into the company.</p>.<p>Didi was removed from app stores, and its stock has since fallen almost two-thirds in value. The firm announced this month it would delist from the New York Stock Exchange and prepare to shift to Hong Kong.</p>.<p>It reported a third-quarter loss of $4.7 billion, the bulk of the company's losses for the year to date, in a regulatory filing to the US Securities and Exchange Commission on Thursday.</p>.<p>It recorded an operating loss of $6.3 billion for the first nine months of the year.</p>.<p>Total revenues slipped 11 percent in the last quarter, after China removed Didi from domestic app stores in July, preventing new users from signing up.</p>.<p>China recently proposed a new law under which companies seeking foreign IPOs would need to register with the securities regulator. A listing will be blocked if it is considered a threat to national security.</p>.<p>Some of China's biggest firms have listed in the United States in search of more developed markets and fresh lines of cash from a massive investor base, but enthusiasm has wavered as tensions have soared between Washington and Beijing.</p>.<p>Instead, Beijing has encouraged companies to list on domestic exchanges to protect information and prevent data from heading overseas, and to develop China's capital markets.</p>.<p>Beijing's regulatory crackdown has expanded during the last year to curb runaway growth in China's powerful tech and internet sectors, and to reign in the influence of big businesses.</p>.<p><strong>Watch the latest DH videos:</strong></p>