Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Chinese regulators raise concerns with ride-hailing firms

Published 09/01/2021, 11:22 PM
Updated 09/02/2021, 12:40 AM
© Reuters. FILE PHOTO: Men look at an electric vehicle of Caocao Zhuanche, a chauffeur ride-hailing platform backed by Zhejiang Geely Holding Group, at a new energy vehicle (NEV) trade fair in Zhengzhou, Henan province, China September 23, 2016. Picture taken Septem

BEIJING (Reuters) -Chinese regulators summoned 11 ride-hailing firms including Didi Global Inc, Geely's Caocao and Meituan's ride-hailing unit to a meeting, the transport ministry said on Thursday, to discuss points of concern in the sector.

At the meeting held on Wednesday, authorities highlighted the hiring of unqualified drivers and use of promotions that disrupt fair market order, the ministry said in a statement.

Regulators urged ride-hailing companies to comply with relevant rules and protect data security, the ministry said.

Regulators have frequently held talks with the ride-hailing industry, which offers tens of millions of rides a day in China, on topics of driver salaries, safety and other issues.

Regulators launched a cybersecurity probe into Didi, China's top ride-hailing company, after its New York initial public offering in June. Since then other companies have jostled to attract new customers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.