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CHINA BRIEF | Didi president Jean Liu says company has bounced back from coronavirus, with no plans to cut employees

US ride-hailing giants Uber and Lyft announced job cuts as the sector has been hit by the pandemic.

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Jean Liu, president of Chinese ride-hailing giant Didi Chuxing, said Thursday during an interview with CNBC that the company’s core ride-hailing business is profitable, without disclosing specific numbers.

Liu said Didi’s ride volume in China has bounced back to 60% to 70% of pre-coronavirus levels and is five times its February low, as the country has largely lifted movement restrictions.

“We have a very strong balance sheet,” Liu said, adding that the company has no plan for layoffs or fundraising, while US counterparts Uber and Lyft both announced plans for dismissals and furloughs due to the coronavirus.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.