China news | Chinese ride-hailing behemoth Following the investigation, Didi was fined $1.2 billion.



China has fined ride-hailing giant Didi 8.026 billion yuan ($1.2bn; £990m) for breaking its cyber security laws.

The Cyberspace Administration of China (CAC) declared on Thursday that it had uncovered "conclusive evidence" against the business.


Just days after Didi introduced its shares in the US last year, the regulator stated that it had opened a probe into the company.


Since then, trading in Didi's shares has ceased on the New York Stock Exchange.


President Liu Qing and chairman and chief executive Cheng Wei of Didi Global both received fines of one million yuan, according to the CAC.


Didi responded by stating that it will "perform comprehensive and in-depth self-examination" and that it acknowledged the decision.

The business posted on the Chinese social networking site Weibo, saying, "We will take this as a warning and devote equal attention to both security and development."

Didi experienced significant pressure following its launch on the US stock exchange in June of last year.


Beijing announced a crackdown on technology companies listing overseas days after the initial public offering.


Didi has intentions to leave the US stock exchange and relist its shares in the Hong Kong public in December.

The firm has grown to be one of the most well-known targets of the Chinese government's strict policy against the sector.


Authorities have launched a broad crackdown on businesses, fining e-commerce major Alibaba a record amount and ordering tech giant Tencent to halt the release of new apps.


Days after the company pressed forward with its New York listing, purportedly against authorities' desires, it ordered Didi to be removed from app stores and opened an inquiry, citing data collection concerns.


#chinalatestnews #chinanews #chinanew


Read more Latest Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update , World News Highlight , Entertainment Latest News , Today Sports News Update , Education Latest Update , Real Estate Today Update