China’s Tech Sector Is Starting To Return To Normal
Less than three months after China began seeing its COVID-19 lockdowns, the country’s tech scene is starting to look much like it did before the lockdowns took hold. On Monday, Chinese ride-sharing giant Didi disclosed that its Chinese ride-sharing activity has rebounded to year-ago levels, with daily rides topping 30 million. It added that orders for its bike-sharing service (Didi Bike) have topped 10 million.
By comparison, Uber (UBER) – Get Report CEO Dara Khosrowshahi said on June 3 that his company’s global ride-sharing business is still down about 70% annually, a slight improvement from the 80% decline it was previously seeing. Likewise, Lyft (LYFT) – Get Report, which operates only in the U.S. and Canada, disclosed last week that its rides rose 26% in May relative to April, but were still down about 70% relative to May 2019. Read more…..
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