The government has used fines, bans, and golden shares to control tech companies. Now it needs them to drive economic growth.
Some drivers did join the new platforms—although, like Wang, they didn’t necessarily drop Didi at the same time.
Smaller companies did manage to build their user bases. By late 2021, Caocao Chuxing had 11 million active users. But, Li said, burning large amounts of cash on discounts and incentives was never going to be a sustainable business model. They also came up against China’s regulators. In its IPO prospectus, Didi had reported an average daily transaction volume of 25 million rides. By January 2022, that had. It fell further over the next six months—down more than 35 percent year-on-year in July 2022, although that might have had more to do with the Covid lockdowns imposed across Chinese cities, which began in February, than with any competitive pressures.
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