The company has also announced a plan to buy back up to US$1 billion of its shares amid reports of a planned Hong Kong listing.
The company, which struggled to survive the Covid-19 pandemic and a derailed initial public offering, reported estimated assets and liabilities ranging from US$10 billion to US$50 billion.
Flex space provider IWG says it is adding locations rapidly in the Greater Bay Area as property owners seek to capitalise on the trend. Major landlords Hongkong Land and Swire Properties also have their fingers in the co-working pie.
With a monthly average of US$609 per desk, Hong Kong tops the 13 Asia-Pacific cities tracked in a study by The Instant Group, which says demand in Singapore is set to increase by 41 per cent.
Uber Technologies said it would focus on delivering profits this year, after rounding off 2022 with blowout earnings as a surge in demand for airport and office rides helped the company rebound from pandemic lows.
It marks a crucial step for the company to fully resume its business after Beijing banned it from registering new users for 18 months.
The Beijing-based company has retained its leading position in the ride-hailing market during an 18-month absence from China’s app stores, but uncertainties linger as to how the government will enforce antitrust, algorithms and data rules.
The Cyber Security Review Office gave Didi the green light to resume new user registrations several months after concluding its investigation of the company.
Didi’s latest round of lay-offs will affect hundreds of jobs at nearly every department in the company, including its ride hailing, overseas business and risk management operations.
TikTok’s mainland Chinese version has started to include ride-hailing services in its mini-app platform, in a move could stir up fresh competition in a market bruised by an onslaught of regulatory crackdowns.
Rents for co-living units have declined by as much as a quarter over the last three years, with occupancy rates stuck at 60 per cent since last year, analysts say. Yet operators remain optimistic.
The company said it will concentrate on serving the Chinese market by providing options for accommodation when Chinese people travel out of the country.
A note written by a young girl asking for positive reviews for her father, a ride-hailing driver, went viral in China after her medical backstory emerged.
Shared living spaces operator Weave Living has, with an unnamed global real estate asset manager, acquired the 435-room Rosedale Hotel in Kowloon for HK$1.37 billion (US$175 million), it said on Tuesday.
More mergers and acquisitions were in store for the co-working sector in Hong Kong amid rising demand for flexible offices, analysts said.
The size of a typical phone kiosk, these booths or studios come equipped with a desk, bar stool, power sockets and Wi-fi access. And, as part of a pilot programme, access is free as of now.
Employees of Didi Chuxing have been forced to make demands from regulators their top priority as the ride-hailing giant seeks to get its app back into Chinese app stores.
The options may rankle as investors rue their losses in a stock that has fallen below its IPO price in the four trading days since going public.
Didi Chuxing plans to sell 288 million shares at US$13 to US$14 each in its US IPO. The sale could value the entire firm at US$67 billion, compared with US$95 billion for Uber Technologies.
Didi is not the only Chinese technology behemoth to have come under the scrutiny of SAMR, as regulators catch up after more than a decade of laissez faire growth in every aspect of the country’s technology-related industry, from games to online entertainment, e-commerce to electronic payments.
China’s largest on-demand services provider beat estimates, posting a 120.9 per cent surge in first-quarter revenue on the back of its food delivery, in-store, hotel and travel business segments.
The cyberspace watchdog and several other regulators summoned ride-hailing providers for a lecture, accusing them of taking unfair commissions from drivers.
Shanghai-based power bank rental company Energy Monster plans to expand its operations in China after going public in the United States.
The judges said that Uber drivers are entitled to worker rights like minimum wage, paid holidays and rest breaks.
Chinese food delivery giant Ele.me is facing a backlash on social media after initially promising to pay only US$309 in compensation to the family of a gig worker who collapsed on the job.
Hellobike and Dida Chuxing have made changes to their car-pooling platforms after the Ministry of Transport accused them of offering ride-hailing services, a legally distinct service defined as a commercial activity.
Power banks of unknown origin could potentially send Trojan horses and other malware to smartphones, police recently warned, but there are some simple measures users can take to better protect themselves.
Didi’s D1, co-developed with China’s biggest EV maker BYD, will be rolled out to drivers in Hunan in December before being introduced to other Chinese cities in coming months