China's cyberspace regulator said that it had ordered smartphone app stores to stop offering Didi's app after finding the ride-hailing gia

China's cyberspace regulator orders Didi off app stores after launching investigation

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2021-07-05 01:30:03

China's cyberspace regulator said that it had ordered smartphone app stores to stop offering Didi's app after finding the ride-hailing giant had illegally collected users' personal data.

The Cyberspace Administration of China (CAC) said it had told Didi to make changes to comply with Chinese data protection rules, four days after Didi began trading on the New York Stock Exchange, having raised $5.8 billion in an initial public offering.

Didi responded by saying it had stopped registering new users and would remove its app from app stores. It said it would make changes to comply with rules and protect users' rights.

Didi made its trading debut on Wednesday in an IPO that valued the company at $89.6 billion, well down from the $132.8 billion it had hoped for, which potential investors had resisted.

"(It) indicates the process could take a while, but they have a large installed base so near-term impact (is) likely muted for now," he said.

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