Didi Chuxing has seen some wonderful achievements. Starting up six years ago and quickly becoming the de-facto ride-hailing within China and was seemingly on it's way to have their IPO sometime in 2018.
Then all the excitement ceased. Last May, a female passenger was raped and killed by her driver on Didi’s popular hitch-hiking service. Just three months later, another incident shocked China after a Didi customer was killed in a similar circumstance.
The murders cast a huge shadow over the world’s largest ride-sharing company by number of rides. Celebrities rushed to social media with calls to #DeleteDidi, while Chinese authorities lashed out at Didi’s “unshirkable responsibility,” ordering it to indefinitely suspend its Hitch feature and ramp up safety standards.
Didi said there’s “no definite timetable” for relaunching Hitch, but people familiar with the matter said the service will likely resume later this year after Didi fully consults the public and all other stakeholders.
In a humbling move, Didi apologized and admitted that its fixation on growth had caused irreversible harm. In an open letter to the public, President Liu Qing and CEO Cheng Wei promised to “stop using scale and growth as a measurement.”
Safety, the executives pledged, would become the company’s top priority going forward. That’s despite the fact that Didi has not generated a profit since launching, but it’s apparently in no rush to shore up its balance sheet. Didi “has no timeline or schedule for an IPO,” said a source with direct knowledge of the matter.
Read more here