China orders ride-hailing app Didi to be removed from the U.S.

A few days after its IPO in New York in June, China’s National Internet Information Office investigated the taxi-hailing app Didi for cybersecurity reasons.

Out of data concerns, as China continues to strengthen its control of technology conglomerates, the Chinese authorities have asked the ride-hailing app Didi Chuxing to be delisted in the United States. inland.

In the past year, some of China’s largest companies, including Alibaba, Tencent and Meituan, have come under stricter government control.

A few days after Didi’s IPO in New York in June, China’s National Internet Information Office investigated Didi for cybersecurity reasons and raised US$4.4 billion. .

This is the largest fund raised by a Chinese company in the United States since Alibaba went public in 2014.

Bloomberg reported that out of concerns about sensitive data leaks, Chinese authorities have asked Didi regulators to delist from the New York Stock Exchange.

[Didi denies that the Chinese government will control the company]

Issuing shares in Hong Kong (China) is one of the options.

As the Chinese government strengthened its oversight of technology companies, ordered apps to be removed from the app store in July, and government agencies are investigating legal documents, Didi has been hit hard. Legal treatment. For national security considerations.

Didi was founded in 2012 by Cheng Wei, the former head of the Chinese e-commerce group Alibaba, and dominated the Chinese market after beating Uber, a US competitor in 2016.

With more than 15 million drivers and nearly 500 million users, the app is the fastest and easiest way to request a car in a densely populated city in China.

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