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China orders ride-hailing app Didi to de-list from New York Stock Exchange

Chinese authorities have ordered the operators of a major ride-hailing app, Didi Chuxing to de-list from the New York Stock Exchange.

Didi | Volkswagen-Didi Chuxing | China


Didi Chuxing. Photo Reuters
Didi Chuxing

Amid Beijing's attempt to tighten its control over the technology sector in the country, Chinese authorities have ordered the operators of a major ride-hailing app, Chuxing to de-list from the New York Stock Exchange.

As reported by Radio Free Asia, China's Cyberspace Administration has ordered Global Inc to devise a plan to delist as the company could "leak sensitive data."

This came months after China's internet watchdog has started an investigation into Chuxing company, for issues related to national 'data security'.

The company was listed on the New York Stock Exchange in July 2021, Radio Free Asia reported.

Meanwhile, experts said that the review is another example of Beijing crackdown on influential IT giants.

Earlier in April, the Chinese government had also imposed a huge fine on Chinese e-commerce giant Alibaba Group.

Claiming a crackdown on anti-competitive practices among Chinese internet giants, Beijing has ramped up a broader effort to clean up the operations of the country's fast-growing and freewheeling tech sector.

Meanwhile, Beijing has been infamous for using antimonopoly rules to curb the market influence of foreign firms. In April, regulators imposed a whopping USD 2.8 billion fine upon Alibaba, stating that it had abused its dominant market position by engaging in a controversial practice.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sat, November 27 2021. 08:26 IST