January 28, 2023

Chinese Regulators Target Ride-Hailing Company Didi Just Days After IPO

Chinese regulators zeroed in on Didi Global Inc. on Friday, days after the ride-hailing company went public, by blocking its China business from adding new users as they review the company’s cybersecurity.

The probe aims at preventing risks related to national data security, the Cyberspace Administration of China said in a brief statement.

The move comes as authorities seek to rein in China’s big technology companies, which have become central to everyday life in Chinese society, and assert more control over data that these companies hold.

Didi Global’s American depositary shares closed down more than 5% Friday in New York, after rising 16% a day earlier. They were still up around 11% from the IPO price.

Didi said it would fully cooperate with the review. “We plan to conduct a comprehensive examination of cybersecurity risks, and continuously improve on our cybersecurity systems and technology capacities,” the company said in a statement.

Related Posts

iPhone? AirPods? MacBook? You Live in Apple’s World. Here’s What You Are Missing.

June 4, 2021

June 4, 2021

Long ago, a gardener planted an iPhone.“It’s not good for a gadget to be alone,” he said.So he grew crops...

Time Nearer for Reducing Fed’s Aid for Economy, Officials Say

May 21, 2021

May 21, 2021

Several Federal Reserve officials said Friday the day is approaching when the central bank will dial back the stimulus it...

Jobs for the City of Tomorrow

June 7, 2021

June 7, 2021

The Future of Everything covers the innovation and technology transforming the way we live, work and play, with monthly issues...

Boom Says Its Supersonic Jet Will Be Green Too. Not Everybody’s Convinced.

June 30, 2021

June 30, 2021

Boom Technology Inc. is trying to revive supersonic travel, but the most ambitious part of its plan might be to...

In Elizabeth Holmes Trial, Ex-Theranos Employees Cite Culture of Fear and Isolation

November 13, 2021

November 13, 2021

In 2013, as Theranos Inc. was in the throes of trying to get its blood-testing machines into a national drugstore...

Biden Administration Says Child-Care Assistance Will Help Economy Grow

June 9, 2021

June 9, 2021

WASHINGTON—The Biden administration says its plan to expand access to preschool and affordable child care will help bolster long-term economic...

China’s Tech Clampdown Is Spreading

June 6, 2021

June 6, 2021

TAIPEI—The latest salvos in China’s campaign against its tech companies make one thing clear: Jack Ma’s businesses aren’t the only...

Juul to Pay $40 Million to Settle Lawsuit Alleging It Targeted Teens

June 28, 2021

June 28, 2021

Juul Labs Inc. agreed to pay $40 million to the state of North Carolina to settle a lawsuit alleging that...

Nvidia Posts Record Earnings on Videogaming, Cryptocurrency Demand

May 26, 2021

May 26, 2021

Nvidia Corp. NVDA 0.33% reported a record quarterly revenue and profit, propelled by demand for videogaming and cryptocurrency and despite...

How a SoftBank-Backed Construction Startup Burned Through $3 Billion

June 29, 2021

June 29, 2021

Venture-backed startup Katerra Inc. aimed to revolutionize the construction business by mastering every element of the trade at once. Instead,...

Rich Lesser, CEO Whisperer, on His Toughest Moments

June 25, 2021

June 25, 2021

Rich Lesser made a career advising CEOs. His own job as chief executive of Boston Consulting Group showed him the...

CNN Chief Says Chris Cuomo Made a Mistake in Joining Strategy Talks With Andrew Cuomo

May 25, 2021

May 25, 2021

CNN President Jeff Zucker said that anchor Chris Cuomo made a mistake when he advised his brother, New York Gov....

EA, Other Videogame Companies Target Mobile Gaming as Pandemic Wanes

July 3, 2021

July 3, 2021

Videogame companies are increasing their financial bets on mobile games as pandemic restrictions ease and people ditch their PC and...

Lordstown Motors Executives Sold Stock Ahead of Reporting Results and Before Troubles Came to Light

June 21, 2021

June 21, 2021

Several top executives at Lordstown Motors Corp. RIDE 3.30% sold off chunks of stock in the electric-truck startup ahead of...

ECB to Keep Monetary Stimulus in Place

June 10, 2021

June 10, 2021

FRANKFURT—The European Central Bank upgraded its economic outlook for the eurozone but said it would keep its aggressive monetary stimulus...