(Yicai Global) Dec. 30 -- Didi Global’s loss widened 26 percent in the third quarter from the prior three months as revenue declined and costs increased, the Chinese ride-hailing giant’s first earnings report since going public showed.

Didi’s net loss was CNY30.6 billion (USD4.7 billion) in the quarter ended Sept. 30, compared with CNY24.3 billion in the second quarter, according to the report the Beijing-based company released yesterday. It had a profit of CNY665 million a year earlier.

Revenue was CNY42.7 billion (USD6.6 billion), 11.4 percent less than a quarter earlier and 1.6 percent below a year ago. Costs rose 16.3 percent to CNY51.7 billion on an annual basis, after surging 128 percent to CNY72.8 billion in the second quarter.

Didi went public on the New York Stock Exchange at the end of June, raising over USD4.4 billion, the most in the United States this year by a Chinese internet company. But two days later, China’s cybersecurity regulator said it had launched a review into the platform, during which it could not register new users.

On Dec. 3, Didi said it would start the process of delisting from New York and begin preparatory work to go public in Hong Kong after the cybersecurity watchdog found that its main app had illegally collected personal data on users.

The move to Hong Kong may be a so-called listing by introduction, whereby Didi would not raise any money but investors could exchange their holdings for the new equity, according to media reports.

Didi’s shares [NYSE: DIDI] closed 8.2 percent lower at USD4.94 apiece yesterday. The stock has slumped 65 percent from its initial public offering price of USD14.

Third-quarter revenue from China Mobility, the Didi business segment that includes ride-hailing and taxi services in China, was CNY39 billion, down from CNY44.8 billion in the prior quarter, the earnings report showed. Income from the international segment was CNY1 billion.

Core platform transactions were 2.86 billion, down from 3 billion in the previous three months, while the value of core platform gross transactions was CNY68.7 billion, down 6.7 percent.

For the nine months ended Sept. 30, Didi’s net loss widened 14-fold from a year ago to CNY49.2 billion (USD7.6 billion). Revenue climbed 40 percent to CNY133 billion (USD20.9 billion).

Didi’s total costs and expenses soared 72.9 percent to CNY175.4 billion from a year earlier, mainly due to a 48.7 percent jump in the cost of revenue.

Income from China Mobility was CNY123 billion. Other business categories such as food delivery, bike-sharing, electric bikes, freight, autonomous driving, and financial services also contributed.

Apart from releasing financial results, Didi also announced yesterday that Zhang Yi from Alibaba Group Holding will replace Daniel Zhang, Alibaba’s chairman and chief executive, as a director on the ride-hailer’s board.

Editor: Futura Costaglione