China’s internet regulator announced on Thursday that it would fine Didi, the local ride-sharing giant, 8.03 billion yuan (almost 1.2 billion euros) after a lengthy investigation into “Chinese Uber.”
In its press release, the Cyberspace Administration of China justifies its decision with “irrefutable evidence” that the company has violated Chinese law, particularly in terms of Internet security and personal data protection.
Downloading the app
Last year, following the administrative investigation, the Chinese authorities banned the app from being downloaded, but Didi’s faithful were still able to use it. Under pressure from Beijing, Didi had also had to announce his hasty exit from the New York Stock Exchange in December. — after only five months of trading.
But the fine is widely seen as a positive sign for the tech giants, which have been pummeled by Beijing for nearly two years. On Wednesday morning, shares of e-commerce champion Alibaba gained more than 4% on the Hong Kong Stock Exchange. Internet and video game giant Tencent took more than 2.5%.
Source: BFM TV
