FAST FIVE: Chinese Regulators To Fine Didi At Least $1 Billion To End Probe
Chinese Regulators To Fine Didi At Least $1 Billion To End Probe After a punitive year-long investigation into Didi Global, China's version of Uber, Beijing regulators are finally preparing to wrap up the investigation into the company's cybersecurity practices by slapping it with a billion dollar fine, WSJ reported.
Didi is the highest profile company at the epicenter of Beijing's crackdown on the technology industry initiated in 2020.
Didi delisted in June, telling shareholders it had to resolve CAC's investigation.
A resolution to Didi's troubles with CAC could be an inflection point for Chinese technology companies that have been beaten down over the last year amid the tech crackdown.
It's definitely positive news and a further sign that the regulators could be wrapping up the crackdown. Tyler Durden Tue, 07/19/2022 – 07:18.
FAST FIVE: Chinese Regulators To Fine Didi At Least $1 Billion To End Probe comes via ChinaTechNews.com.