A few days ago, the government released online car hailing data for January 2023. DIDIY's orders hit 436m, up 17% MoM but remain materially lower YoY. I'm leaving my Q1 2023 model estimate of 16% YoY decline in DIDI China orders unchanged. The rest of the industry fared worse with overall orders down 18% YoY - an improvement from December's decline of 26% but worse than expected, particularly given the boost from the Spring Festival occurring in January this year. In the middle of January, DIDI's apps received approval to relist in the app stores - this helped them gain almost 200bps of market share to its highest level since March 2022. DIDI's compliance rate for cars and drivers ticked up 140bps and 40bps, respectively, in January, continuing its trend of achieving higher compliance.