Chinese regulators suspended the use of the country's largest ride-hailing app, Didi Global, days after the company's shares began trading in New York. Officials told Didi to stop re-registering and order the app to be removed from Chinese
app stores pending a cybersecurity review.The government said it was working to prevent security risks and protect the public interest. Didi is the latest company to face scrutiny in a crackdown on China's largest tech giant.
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What is Didi?
China's Didi Global Inc. is one of the largest ride-hailing apps in the world. Three-quarters of the 493 million annual users are in China. Beijing-based Didi operates in 14 other countries, including Brazil and Mexico.Last year, Didi and Uber competed in China. In 2016,
after a two-year price war, Didi acquired Uber in China. Didi raised $4.4 billion in an initial public offering on June 30 in New York. The company has a market capitalization of approximately $74.5 billion.
Why did Didi have a problem?
China's cyberspace watchdog said the Didi suspect was involved in the illegal collection and use of personal data. It did not mention any particular violations.
