April 1, 2023

The Didi logo appears on the exterior wall of the company’s headquarters in Beijing, China, on November 9, 2021. Photo taken on November 9, 2021.Reuters/Sun Yilei

Sign up now for free unlimited access to Reuters.com

July 19 (Reuters) РChinese authorities are preparing to fine ride-hailing firm Didi Global more than $1 billion, the Wall Street Journal reported on Tuesday, potentially ending an investigation into the company’s cybersecurity practices.

The report, citing people familiar with the matter, said the penalty could pave the way for Beijing to ease restrictions that previously prevented Didi from adding new users to its platform and allowed its apps to resume on domestic app stores.

After the fine, Didi can also launch a new listing in Hong Kong, the report said.

Sign up now for free unlimited access to Reuters.com

The ride-hailing company did not immediately respond to a Reuters request for comment.

Despite being asked to suspend its listing, Didi angered Chinese regulators by pushing its $4.4 billion New York listing last June, but has struggled to get its business back to normal.

A few days after Didi went public, the Cyberspace Administration of China, China’s powerful internet regulator, launched a cybersecurity investigation into the company’s data practices and ordered app stores to remove 25 mobile apps operated by Didi.

Sign up now for free unlimited access to Reuters.com

Reporting by Nivedita Balu in Bengaluru; Editing by Aditya Soni

Our standard: Thomson Reuters fiduciary principles.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *