China’s cybersecurity authority has teamed up with a slew of other central government departments to lead an investigation into US-listed ride-sharing giant DiDi Chuxing.
On 16 July the Cyberspace Administration of China (CAC) launched a cybersecurity investigation into DiDi, in collaboration with the Ministry of National Security, the Ministry of Natural Resources, the Ministry of Transport, the State Administration of Taxation and the State Administration of Market Supervision, according to an official statement made on the same date by CAC.
The move comes just after DiDi’s operations came under intense pressure from Chinese regulators in the immediate wake of its mammoth stateside IPO.
Didi listed on the New York Stock Exchange on 30 June, raising USD$4.4 billion based on a valuation of almost $70 billion.
Shortly afterwards on 4 July CAC ordered the removal of the DiDi app from online vendors, before ordering all app stores in China to take down a total of 25 apps operated by DiDi on 8 July.
DiDi was one of a number of Chinese tech firms, including Internet giants Alibaba and Tencent, to be hit with fines of 500,000 yuan for breaches of the Anti-Monopoly Law.