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China investigates Didi during cybersecurity days after huge IPO



(Reuters) – Didi Global's shares fell more than 10% in New York on Friday after China's cyberspace agency said it had launched an investigation into the fierce giant to protect national security and the public interest.

The Cyberspace Administration of China stated on its website that Didi was not allowed to register new users during its investigation, which was announced just two days after Didi began trading on the New York Stock Exchange.

Didi said in a statement to Reuters that they were planning. to conduct a comprehensive cyber security risk investigation and would cooperate fully with the relevant authority.

Chinese Internet regulators have tightened the rules for the country's tech giants in recent years and are asking companies to collect, store and manage key data properly. [1

9659002] The Cyberspace Agency did not provide details about its investigation into Didi, but said the investigation was also to prevent data security-related risks, citing C China's national security law and cyber security law.

Didi, which offers a wide range of services in China and over 15 international markets, collects large amounts of mobility data in real time every day. It uses some of the information for autonomous driving techniques and traffic analysis.

Didi presented related rules in China in its IPO prospectus and said “we follow strict procedures to collect, transfer, store and use user data in accordance with our data security. and privacy policy.

However, two investors told Reuters that business leaders did not discuss possible cybersecurity regulation with investors during the conversation they agreed to before the IPO of Didi.

Didi's shares fell as much as 10.9% after the open and fell by 7% at 1335 GMT.

“Didi seems to attract a lot of regulatory pressure. The effect in the short term depends a lot on how long a review lasts, but Didi has a large enough base that we will not change our forecasts yet, says Redex Research analyst Kirk Boodry, who publishes on Smartkarma, to Reuters. [19659002AdamSegalencybersäkerhetsexpertvidrådetförutrikesrelationeriNewYorksaattdetvarsvårtattvetavadsompågickutanmerdetaljer"CAChartittatpåsäkerhetenförallastoraföretagsdatasomendelavenhårdvaranpåbigtech"[19659002] Didi, who collected 4.4 billion US dollars from its IPO, was not a celebration event for its market debut, an unusual trait among Chinese companies. Revealed by Reuters in June and looked at about Didi used anticompetitive behavior to expel minor rivals, saying at the time that it would not comment on "indefinite speculation from unnamed sources."

Didi's debut on Wednesday was the largest US listing of a Chinese company since Alibaba Group Holding Ltd. 2014.

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