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Cheng Wei is a prominent Chinese entrepreneur best known as the co-founder and former CEO of Didi Global Inc., the world's largest ride-hailing company, which dominates the mobility sector in China. Born in 1983 in Wuxi, Jiangsu Province, Cheng grew up in a modest family background and demonstrated early interest in technology. He pursued higher education at Beijing University of Chemical Technology, where he earned a bachelor's degree in engineering, graduating in the mid-2000s. After university, Cheng joined Alibaba Group as a software engineer, working on e-commerce platforms and gaining valuable experience in internet technology and operations during the early boom of China's digital economy.
In 2012, Cheng co-founded Didi Dache (later rebranded as Didi Chuxing) with a vision to revolutionize urban transportation through app-based ride-hailing services, initially partnering with investors like SoftBank and later receiving significant funding from Apple Inc. in 2016. Under his leadership as CEO, Didi expanded aggressively, acquiring competitors like Uber's China operations in 2016 to become the market leader with over 500 million users. The company's valuation soared to over $100 billion by 2021, making Cheng one of China's wealthiest tech moguls with an estimated net worth exceeding $1 billion. However, his tenure was marked by controversies, including a high-profile U.S. IPO in June 2021 that drew regulatory backlash from Chinese authorities over data security concerns, leading to an investigation by the Cyberspace Administration of China.
Facing intense government scrutiny, Cheng stepped down as CEO in September 2021 but retained his role as chairman. Didi faced forced delisting from the New York Stock Exchange in 2022 and paid a $1.2 billion fine in 2022 for illegal data collection practices. Despite these setbacks, Cheng remains influential in China's tech landscape, with ongoing involvement in Didi's operations and broader mobility innovations. He has been criticized for aggressive expansion tactics and regulatory non-compliance, yet praised for transforming urban mobility and creating millions of jobs.