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China Ride-Hailing Giant Didi Global Fined $1.19 Billion for Illegal Collection of User Data & Violating China Security Laws, Founder Cheng Wei & President Jean Liu Fined $147,000 Each
21st July 2022 | Hong Kong
China Ride-Hailing giant Didi Global had been fined $1.19 billion (CNY 8 billion) for illegal collection of user data & violating China security laws, with Founder Cheng Wei & President Jean Liu fined $147,000 each (CNY 1 million) and concluding a 12 months investigation since its IPO on 30th June 2021. Since 2015, Didi had been collecting user data that is in breach of China security laws (Cyberspace Administration of China, CAC). Earlier in May 2022, Didi Global is under investigation by the United States Securities Exchange Commission (SEC) over its $4.4 billion IPO in June 2021. Following scrutiny by Chinese authorities over Didi Global IPO in United States and data privacy concerns, Didi announced in December 2021 of plans to delist from New York Stock Exchange (NYSE), and with plans to list in Hong Kong. Didi IPO price was $14.00 (IPO in June 2021), and is trading at $3.49 (20/7/22), down 75% from IPO price. Didi market capitalisation at IPO was $68 billion, and at $3.49 (5/5/22), the market value has shrank to $16.9 billion.
“ China Ride-Hailing Giant Didi Global Fined $1.19 Billion for Illegal Collection of User Data & Violating China Security Laws,“
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Founder Cheng Wei & President Jean Liu Fined $147,000 Each
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