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 were down 7% in afternoon trading in New York, after rising 16% a day earlier. They were still up around 9% 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.

in Tech
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