July 5, 2021

After Making An Appearance On The NYSE, Didi Faces Chinese Action!

 Didi Chuxing’s e-hailing app was ordered to be removed from Chinese app stores, just days after the company made its first appearance on the New York Stock Exchange (NYSE).

According to Chinese cyber authorities, Didi had violated various laws related to the collection of users ’personal data and ordered the app to be removed.

According to Didi, the application will continue to operate but will stop accepting new user registrations.

China recently implemented stern action against the country's technology giant.

Didi Chuxing, which is a platform like Uber and Lyft, records more than 20 million daily trips in China.

Founded in 2012, the app is very popular in major Chinese cities and has expanded beyond China as well as penetrating 15 foreign markets.

Last week, the firm raised $ 4.4 billion through an initial public offering (IPO) on the NYSE.

Just a day after Didi shares were traded on the NYSE, the China Cyberspace Administration (CAC) announced it would conduct an investigation into the firm to protect ‘national security and public interest’.

The announcement caused Didi's shares to decline by 5.3%.