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Didi Drops As China Regulator Reviews Ride-Hailing Firm’s Cybersecurity

Published 07/02/2021, 11:30 AM
Updated 07/02/2021, 11:31 AM
© Reuters

By Dhirendra Tripathi

Investing.com – Didi Global stock (NYSE:DIDI) dropped more than 6% in Friday’s trading as China’s internet regulator said it is reviewing the cybersecurity of Didi Chuxing, the ride-hailing business of the company.

Didi Global debuted on the NYSE on Wednesday.

The regulator has asked the company to not register any new user while the review is underway so that potential risks don’t spread, China’s Cyberspace Administration Office said Friday.

“DiDi will fully cooperate with the PRC government authority during the review.  It plans to conduct a comprehensive examination of cybersecurity risks and continue to improve on its cybersecurity systems and technology capabilities,” the Chinese company said in a filing with the SEC.

Didi operates in more than 4,000 locations in 15 countries, though China mobility represents the bulk of revenue.

 

 

Latest comments

Always the same bs with these Chinese companies. No matter how good the business model, the permanent threat of PRC government involvement destroys any credibility and reliability! If the cyber security issue had been made public before the recent IPO, armt least that would have been honest. Like this it is utterly dishonest and misleading investors.
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