China’s cyber security regulator has ordered that Didi be taken off domestic app stores just days after the ride-hailing giant raised $4.4bn in the biggest Chinese listing in the US since Alibaba in 2014.
The Cyberspace Administration of China said on Sunday evening that Didi’s app had “problems of seriously violating laws on collecting and using personal information”.
The decision came two days after the CAC announced a cyber security review into the tech company, sending its shares down 5.3 per cent on Friday to $15.52. Shares in the company began trading on the New York Stock Exchange on Wednesday at $14.
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