Cybersecurity
Didi Dives as China Unveils New Cyber Probe After Mega IPO
- U.S. IPO was second-biggest after only Alibaba Group Holding
- China is cracking down on ownership and handling of user data
Didi Chuxing booth is seen during 5th World Intelligence Congress at Tianjin Meijiang Conference and Exhibition Center on May 22, 2021 in Tianjin, China.
Photographer: VCG/Visual China GroupThis article is for subscribers only.
Didi Global Inc. tumbled Friday after China said it’s starting a cybersecurity review of the ride-hailing company just two days after it pulled off one of the biggest U.S. stock market debuts of the past decade.
The move is to prevent data security risks, safeguard national security and protect public interest, according to a statement from the Cyberspace Administration of China. Didi has halted new user registrations during the probe. The company, which only started trading on Wednesday in New York after an initial public offering, fell 7% to $15.26.