China to Fine DiDi $1B After Data Security Probe

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China to Fine DiDi $1B After Data Security Probe - WSJ

Published Jul 19, 2022 06:21AM ET

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China to Fine DiDi $1B After Data Security Probe - WSJ

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By Scott Kanowsky

Investing.com -- Regulators in China will fine DiDi (OTC:DIDIY) more than $1B over the popular ride-hailing platform's data security practices, according to a report in the Wall Street Journal citing people familiar with the situation.

The paper also said Chinese restrictions on DiDi will be eased when the penalty is announced, allowing the company to once again add new users and place its mobile applications on domestic app stores.

DiDi will also have a fresh path toward a potential listing of its shares in Hong Kong, the WSJ reported.

The fine would bring an end to a year-long investigation by Chinese authorities into DiDi's cybersecurity policies that came amid a crackdown by Beijing on local internet firms. The probe also led DiDi to delist from the New York Stock Exchange in June.

Neither the Cyberspace Administration of China nor DiDi immediately responded for requests for comment, the WSJ said.

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