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Didi’s Fate in Limbo As Officials Object to Proposed Penalty

  • Beijing wasn’t satisfied with proposed punitive measures
  • Its delisting fast approaches without a plan to list elsewhere
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China Ride-Hailing Giant Didi Sinks on Delisting Plans, Revenue Drop
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Senior Chinese officials have pushed back on a set of proposed punishments for Didi Global Inc. submitted by the nation’s cybersecurity regulator, people familiar with the matter said, leaving the future of the troubled ride-hailing giant in limbo.

Didi has been in talks with the Cyberspace Administration of China about a fine and other penalties after proceeding with a U.S. initial public offering last June over the regulator’s objections, the people said. The agency had aimed to publish the results of that probe in April but central government officials told the CAC they’re not satisfied with the proposed punishments and asked for revisions, the people said. The officials felt the remedies were too lenient, one person said, asking not to be identified because the matter is private.