You are here: Home » International » News » Others
Business Standard

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.

Topics
Didi | Volkswagen-Didi Chuxing | China

ANI 

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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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