Didi to cut up to 20% of jobs before Hong Kong listing

Chinese ride-hailing giant Didi Global aims to cut its headcount by as much as 20% as the embattled tech firm moves forward with plans to transfer its stock-market listing to Hong Kong.

The changes, which are aimed at lowering spending ahead of the Hong Kong IPO, will affect most of the company's core businesses, according to a report by Bloomberg. Ride-hailing could see a 15% drop in staff, though drivers, who aren't counted among the company's employees, will be unaffected, the report adds.

The plans have not been finalised and may change in the future. The company has already reduced its investments in industries such as community grocery shopping. Some of the company's operations, such as Didi Finance, which is expanding outside of China, and its autonomous driving venture, will be unaffected.

The company was under a cybersecurity investigation days after its listing, and its services were removed from Chinese app marketplaces. Didi stated months later that it was intending to leave the New York Stock Exchange and seek a new listing in Hong Kong, in an effort to address concerns over the potential disclosure of its data to foreign powers.