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After a punitive year-long investigation into Didi Global, China’s version of Uber, Beijing regulators are finally preparing to wrap up the probe by slapping the company with a billion-dollar fine over its cybersecurity practices. WSJ He reported. The billion-dollar penalty is equivalent to 4% of DD’s total sales of $27.3 billion last year.
More importantly, DD restrictions will be eased once China’s Cyberspace Administration (CAC) issues an official announcement, allowing the app to be reinstated on Chinese app stores and allow users to continue to the platform. The resolution would allow DD to pursue a new stock listing in Hong Kong, according to the WSJ.
DD in 2011 It is the highest-profile company at the center of an attack on Beijing’s tech industry that began in 2020. In the year Investors have been waiting almost a year for CAC fines on the passenger giant since an investigation into data security opened in the summer of 2021. Violations.
Its stake in DD has fallen more than 80% since it listed on the NYSE last June.
The CAC has initiated its investigation into DD after the NYSE listing. DD was delisted in June, telling shareholders it had to resolve the CAC’s investigation. Since then, Pink Sheets has been trading under the brand name DIDIY.
A DD may be the tipping point for the solution to the problem with CAC. China’s technology companies have been hit by the technology boom in the past year. It’s definitely positive news and a further sign that the regulators are up to the task.
At Zerohedge.com
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