China fines Didi Global US$1.2bil for violating data security laws

Didi ran afoul of the Cyberspace Administration of China when it pressed ahead with its U.S. stock listing even though it was urged to wait while a cybersecurity review of its data practices was conducted, sources previously told Reuters.

The regulatory action against Didi was part of a wider and unprecedented crackdown by authorities for violation of antitrust and data security rules, among other issues, targeting some of China's best-known corporate names. "The fine should mark the end of Didi's regulatory troubles," said analyst Travis Lundy at Quiddity Advisors who publishes on research platform Smartkarma.

Alibaba's fine equated to about 4% of its 2019 domestic sales, while Meituan's was equivalent to 3% of its 2020 domestic sales. In comparison, Didi's fine would be equal to about 4.6% of the firm's $25.7 billion revenue last year.

Source: Tech Daily Report (techdailyreport.net)

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