cyber security regulator in china on Didi Global Inc. was fined on Thursday. worth $1.2 billion, leading to the conclusion of an investigation that forced the leader of a car-reservation service to be removed from New York within year of that it debut And the made Foreign investors worried about China tech section.
Didi collide of cyberspace management of China (CAC) when pressed forward with Its shares are listed in the US despite being urged to wait during cybersecurity review of Sources told Reuters earlier that its data-related practices were conducted.
CAC said its achievement found Didi was illegally collected millions of to cut of user information over until-year The period starts in June 2015 and has been implemented out seriously affected data processing activities national Safety.
Didi was fined 8.026 billion yuan ($1.2 billion), in abnormal moveFounder and CEO Cheng Wei and President Gan Liu, said responsible for Violations and penalties imposed of 1 million yuan each.
Didi’s violations of Laws and regulations are dangerous… and should be tough punished,” He Said.
Didi, backed by investors including its US counterpart Uber Technologies and Japan’s SoftBank, in a permit on His Weibo account said, he accepted CAC decision A comprehensive self-examination and correction will be made.
The regulatory a job against Didi was a part of A massive and unprecedented crackdown by the authorities for violation of Antitrust and data security rulesamong other things, targeting some of China best- Names of well-known companies.
The authorities have in last months changed Their tone toward oppression while seeking to strengthen economy Affected by COVID-19 containment measures. This transformation has given rise to hope for Companies and investors that the worst overdespite the tension remain.
Chinese technology The stock went up after Didi’s announcement with Hang Seng Tech . Indicator rising over 1% in afternoon trade.
“the fine should mark the end of Didi regulatory He said analyst Travis Lundy of Quiddity Advisors who Publish on The research Smart Karma platform.
“If there was more they would have waited until they were understood and directed to impose the fine.” development should allow Didi L move Towards the list in Hong Kong.
Didi, who was lifted off the list in New York last month, previously aimed at list in Hong Kong by June. put like plans on Hold indefinitely after failure win approval from Chinese regulators, Reuters reported.
Restart the application
Didi’s fine will be the biggest regulatory penalty imposed on Chinese technology Since Alibaba Group Holdings Limited and Meituan were fined $2.75 billion and $527 million, respectively last year By antitrust regulator.
Alibaba fine equivalent to about 4% of Its domestic sales for 2019, while Meituan’s sales were equivalent to 3% of Its domestic sales are for 2020. By comparison, Didi’s fine is about 4.6%. of The company’s revenue is $25.7 billion last year.
CAC announced Her investigation into Diddy’s case shortly after she was in New York debut on June 30, 2021 also Required application stores to remove 25 apps Managed by Didi and asked the company to stop recording new users, citing them national security and public benefit.
The organizer did not say in Her statement on Thursday whether to do so allow The apps To return to the application stores or allow new User registration.
Didi previously said he would need to apply for The apps to be restored Three sources told Reuters that the company has updated The apps to me ensure They were compatible once the restart was allowed.
Didi did not immediately respond to a request for comment on The apps.
Diddy investor, who He was not authorized to speak with media And so on declined He said fines should Ending the CAC investigation into the Didi case and thus the company should allowed to resume apps and normal business.
limitations hit Didi did badly, as it relinquished its dominance and allowed rival taxi services operated by automakers Geely and SAIC Motor Corp. Ltd. to win. market share.
Didi shares soared in New York initial public Subtraction, giving an assessment of the company of $80 billion and represents the largest US listing of a Chinese company since 2014. By then of write off, lost arrow over 80% in the value.
cyber security regulator in china on Didi Global Inc. was fined on Thursday. worth $1.2 billion, leading to the conclusion of an investigation that forced the leader of a car-reservation service to be removed from New York within year of that it debut And the made Foreign investors worried about China tech section.
Didi collide of cyberspace management of China (CAC) when pressed forward with Its shares are listed in the US despite being urged to wait during cybersecurity review of Sources told Reuters earlier that its data-related practices were conducted.
CAC said its achievement found Didi was illegally collected millions of to cut of user information over until-year The period starts in June 2015 and has been implemented out seriously affected data processing activities national Safety.
Didi was fined 8.026 billion yuan ($1.2 billion), in abnormal moveFounder and CEO Cheng Wei and President Gan Liu, said responsible for Violations and penalties imposed of 1 million yuan each.
Didi’s violations of Laws and regulations are dangerous… and should be tough punished,” He Said.
Didi, backed by investors including its US counterpart Uber Technologies and Japan’s SoftBank, in a permit on His Weibo account said, he accepted CAC decision A comprehensive self-examination and correction will be made.
The regulatory a job against Didi was a part of A massive and unprecedented crackdown by the authorities for violation of Antitrust and data security rulesamong other things, targeting some of China best- Names of well-known companies.
The authorities have in last months changed Their tone toward oppression while seeking to strengthen economy Affected by COVID-19 containment measures. This transformation has given rise to hope for Companies and investors that the worst overdespite the tension remain.
Chinese technology The stock went up after Didi’s announcement with Hang Seng Tech . Indicator rising over 1% in afternoon trade.
“the fine should mark the end of Didi regulatory He said analyst Travis Lundy of Quiddity Advisors who Publish on The research Smart Karma platform.
“If there was more they would have waited until they were understood and directed to impose the fine.” development should allow Didi L move Towards the list in Hong Kong.
Didi, who was lifted off the list in New York last month, previously aimed at list in Hong Kong by June. put like plans on Hold indefinitely after failure win approval from Chinese regulators, Reuters reported.
Restart the application
Didi’s fine will be the biggest regulatory penalty imposed on Chinese technology Since Alibaba Group Holdings Limited and Meituan were fined $2.75 billion and $527 million, respectively last year By antitrust regulator.
Alibaba fine equivalent to about 4% of Its domestic sales for 2019, while Meituan’s sales were equivalent to 3% of Its domestic sales are for 2020. By comparison, Didi’s fine is about 4.6%. of The company’s revenue is $25.7 billion last year.
CAC announced Her investigation into Diddy’s case shortly after she was in New York debut on June 30, 2021 also Required application stores to remove 25 apps Managed by Didi and asked the company to stop recording new users, citing them national security and public benefit.
The organizer did not say in Her statement on Thursday whether to do so allow The apps To return to the application stores or allow new User registration.
Didi previously said he would need to apply for The apps to be restored Three sources told Reuters that the company has updated The apps to me ensure They were compatible once the restart was allowed.
Didi did not immediately respond to a request for comment on The apps.
Diddy investor, who He was not authorized to speak with media And so on declined He said fines should Ending the CAC investigation into the Didi case and thus the company should allowed to resume apps and normal business.
limitations hit Didi did badly, as it relinquished its dominance and allowed rival taxi services operated by automakers Geely and SAIC Motor Corp. Ltd. to win. market share.
Didi shares soared in New York initial public Subtraction, giving an assessment of the company of $80 billion and represents the largest US listing of a Chinese company since 2014. By then of write off, lost arrow over 80% in the value.