China’s leading ride-hailing app, Didi, has seen its daily users fall by 30 per cent since its initial public offering in New York in June triggered a fierce backlash by Beijing.
In the days after Didi’s IPO, Chinese regulators banned the company from signing up any new customers while they carried out a data security investigation that remains ongoing. Regulators also ordered app stores to remove 25 of Didi’s other apps, including those that register new drivers.
Didi shares have fallen more than 40 per cent since the IPO and its rivals have begun to lure its customers with promotions.
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