5 July 2021
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Taxi service Didi
Chinese giant Didi Global Inc said Beijing's order to remove the taxi-calling service from app shops in China could hit revenues. At the same time, other Chinese companies that recently went public in the US have also been the target of cybersecurity investigations in China.
Didi reached a value of 68 billion dollars during its debut trading on the New York Stock Exchange (NYSE) after its IPO in early July.
The Chinese Cyberspace Administration (CAC) ordered the removal of the Didi app from app shops in the PRC on Sunday two days after an investigation into the company began. The regulator said that the investigation focused on anti-competitive behaviour and data security.
Also, other PRC technology companies that have recently listed in the US have also been affected by the regulatory crackdown: owner of online recruitment service Zhipin.com Kanzhun and transport company Full Truck Alliance. CAC has also launched an investigation against them.
It is worth noting that the first signal of the Chinese authorities' onslaught on tech giants was the disruption of the 37 billion dollars IPO of Alibaba Group (NYSE:BABA) fintech subsidiary Ant Group late last year.
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