Still, something has to happen. Didi’s business model has fundamentally changed and, by necessity, analysts have to revise their earnings projections. As part of the China crackdown, regulators told the company to remove its apps from mobile stores and to desist from racking up new users. This move cuts off Didi’s drive to expand into China’s smaller cities — its main source of future sales growth in the country. Furthermore, Didi’s earnings before interest, taxes, depreciation and amortization for the China market was only 3.1% of its gross transaction value. It is not a cash cow.