Didi Global Inc had only started trading on Wednesday, June 30 in New York after a US$4.4 billion initial public offering, pulling off one of the biggest US stock market debuts of the past decade. It lost as much as 11% of its market value at one point on Friday, July 2.
China’s cyberspace regulator ordered app stores to remove Didi Chuxing from their list of offerings, citing serious violations on the ride-hailing company’s collection and usage of personal information.
The Cyberspace Administration of China announced the move on Sunday, July 4, just two days after it said it was starting a cybersecurity review of the company. It ordered Didi to rectify its problems following legal requirements and national standards, and effectively protect the personal information security of its users.
