China’s largest ride hailing company, #DiDi, is getting more bad news. Its stock shares—plunging over twenty percent after Chinese authorities ordered a crackdown on the company.

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China Blocks Didi From App Stores Days After Mega U.S. IPO

China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a ride-hailing giant that just days ago pulled off one of the largest U.S. initial public offerings of the past decade.

The Cyberspace Administration of China announced the ban Sunday, citing serious violations on Didi Global Inc.’s collection and usage of personal information, without elaborating. That unusually swift decision came two days after the regulator said it was starting a cybersecurity review of the company.

Source: Bloomberg #Jul04

https://www.bloomberg.com/news/articles/2021-07-04/china-regulator-orders-didi-to-be-removed-from-app-stores

#China #Didi #App #IPO

China Blocks Didi From App Stores Days After Mega U.S. IPO

China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a ride-hailing giant that just days ago pulled off one of the largest U.S. initial public offerings of the past decade.

The Cyberspace Administration of China announced the ban Sunday, citing serious violations on Didi Global Inc.’s collection and usage of personal information, without elaborating. That unusually swift decision came two days after the regulator said it was starting a cybersecurity review of the company.

Source: Bloomberg #Jul04

https://www.bloomberg.com/news/articles/2021-07-04/china-regulator-orders-didi-to-be-removed-from-app-stores

#China #Didi #App #IPO

China's cyberspace authorities are asking app stores to remove 25 apps by ride-hailing giant #DiDi. The company confirmed the news on Monday, admitting that this could impact its #revenue in the region.

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China’s version of Uber, called #DiDi, entered the U.S. market to sell its stock shares. At first, it was exciting news for Wall Street and looked like a big investment opportunity.

But in less than 48 hours, #Beijing dropped its hammer on DiDi. It announced a #Cybersecurity review of the company, and later took down some of its software from app stores. The move sent DiDi’s stock price plummeting over 30 percent.

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Fears over Chinese spying lead to calls for UK ban on DiDi Global ride-hailing app

MPs are calling for a ride-hailing app based in Beijing to be blocked from launching in Britain amid concerns that users’ data will be harvested by Chinese spies.

DiDi Global has obtained its first licences to operate in Salford, Sheffield, Wolverhampton and Manchester. It is expected to seek further licences as it competes for market share with Uber, the American taxi app.

A group of cross-party MPs fear that China’s national security laws could be used to require DiDi to hand over data if asked for it by Beijing. The National Intelligence Law from 2017 requires all Chinese companies to “support, co-operate with and collaborate in national intelligence work”.

Source: The Times #Aug09

https://www.thetimes.co.uk/article/fears-over-chinese-spying-lead-to-calls-for-uk-ban-on-didi-global-ride-hailing-app-mzbkxqmk7

#DiDi #App #Uber #Salford #Sheffield #Wolverhampton #Manchester

Chinese ride-share company #Didi is slapped with a sky-high fine. It's being made to pay more than a billion dollars over its data collection practices, as it prepares to delist from the #NYSE.

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