(Yicai) Sept. 11 -- Didi Chuxing said its net loss narrowed 95 percent in the second quarter from a year earlier thanks to surging orders since January, when the ride-hailing giant got approval to relaunch its app following rectifications ordered by Chinese regulators.

The net loss was CNY300 million (USD41 million) in the three months ended June 30 on a 53 percent jump in revenue to CNY48.8 billion (USD6.7 billion), the Beijing-based firm said in an earnings report released on Sept. 9. Its core platform’s gross transaction value rose 55 percent to CNY84 billion.

Didi’s orders in China, including its ride-hailing, taxi, and car-pooling services, surged 48 percent to 2.7 billion, making CNY44.5 billion in operating revenue, up 57 percent. Overseas orders rose 35 percent to 626 million, bringing in CNY1.9 billion, a 35 percent gain.

Chinese regulators gave Didi the go-ahead to resume new user registrations on Jan. 16 after the company was placed under cybersecurity review for more than a year on suspicion that it had illegally collected user data. Didi had implemented “comprehensive rectifications,” it said then.

After Didi gave up on its community group buying business, the firm recently sold the assets and research and development capacity of its smart electric vehicle business to Xpeng Motors for about HKD5.8 billion (USD739.8 million), with the proviso that 180,000 jointly developed autos must be delivered.

China’s ride-hailing market is becoming saturated, competition is intensifying, and compliance issues remain, according to analysts.

Editor: Martin Kadiev