Cybersecurity
China Fines Didi $1.2 Billion After Wrapping Year-Long Probe
- Cheng Wei, Jean Liu forced to pay a million yuan each
- Decision helps resolve uncertainty around intentions for tech
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China fined Didi Global Inc. more than 8 billion yuan ($1.2 billion), wrapping up a year-long probe into the ride-hailing giant that’s come to symbolize Beijing’s bruising campaign to rein in its powerful internet industry.
Regulators also fined Didi Chairman Cheng Wei and President Jean Liu 1 million yuan apiece, the Cyberspace Administration of China said in a statement. Didi was found to have violated three laws, and those illegal operations threatened national security, the internet overseer said.