China has fined ride-hailing group Didi Chuxing Rmb8bn ($1.18bn) and hit its founders with additional penalties over “serious” and “vile” breaches of the country’s data security laws.
The probe led by the Cyberspace Administration of China has devastated the Chinese technology giant’s business and forced it to delist from the New York Stock Exchange roughly a year after its $4.4bn blockbuster IPO last June.
The unprecedented investigation into Didi came as pat of Beijing’s sweeping regulatory crackdown on the tech sector, leading to a reckoning on Wall Street about investing in Chinese companies.
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