Didi Chuxing
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The app logo of Chinese ride-hailing giant Didi seen through a magnifying glass on a computer screen showing binary digits in this illustration picture taken July 7, 2021. Photo: Reuters

Didi Chuxing co-founder leaves chairman position at payment subsidiary as cybersecurity review drags on

  • Bob Zhang Bo is no longer listed as chairman of Didi Payment, and the company has made no statement about the change
  • The move comes as the ride-hailing giant faces pressure from an ongoing cybersecurity probe and prepares to delist in New York in favour of Hong Kong
Didi Chuxing

Bob Zhang Bo, co-founder and chief technology officer of Chinese ride-hailing giant Didi Chuxing, has left his position as chairman of Didi’s payment subsidiary while the parent company remains under a cybersecurity investigation at home and is in the process of delisting from the New York Stock Exchange.

Zhang, a Didi co-founder, was no longer listed as the chairman of Didi Payment on Monday, according to information on corporate registry service Tianyancha. He had been in the position since January 2019.

The reasons for the change remain unclear, as Didi has not issued a public statement about it and did not immediately respond to a request for comment.

Chinese ride-hailing giant Didi to delist from NYSE, plan Hong Kong listing

The move comes six months after the Cyberspace Administration of China launched its investigation into the company, which remains ongoing. That news came days after its stock started trading in New York.

Didi announced last month that it would start the process for delisting in New York and prepare for a listing on the Hong Kong stock exchange.

Didi Payment was founded in 2010, with a registered capital of 300 million yuan (US$47 million), to provide payment services for the company’s ride-hailing users in China.

Zhang’s other roles at Didi include leading its autonomous driving business since August 2019 and heading product development, technology and data analytics frameworks, according to corporate information. Prior to joining the ride-hailing firm, he was a senior technology leader at internet search giant Baidu.


Why China is tightening control over cybersecurity

Why China is tightening control over cybersecurity

Zhang holds a bachelor’s degree in software engineering from Wuhan University and a master’s in human-computer interactions and artificial intelligence from the Chinese Academy of Sciences.

After announcing plans to delist in New York, Didi restricted some employees from exercising their stock option rights until after the company was listed in Hong Kong, preventing workers from cashing out their shares until the end of a process that could take months.
Since the cybersecurity review was initiated, Didi’s operations have taken a turn for the worse. It reported a loss of 30.4 billion yuan in the third quarter, after posting a profit of 672 million yuan a year earlier, with revenue down 1.7 per cent for the period.