Didi suspends UK launch plans amid Chinese crackdown on tech companies – Telegraph


The logo of Chinese ridesharing company Didi Global Inc is pictured during the IPO on the floors of the New York Stock Exchange (NYSE) in New York, United States on June 30, 2021. REUTERS / Brendan McDermid

Aug 23 (Reuters) – Chinese ridesharing giant Didi Global Inc (DIDI.N) has put plans to launch in Britain and mainland Europe on hold, The Telegraph reported on Monday amid a regulatory backlash at home on data confidentiality.

Staff working on planned launches were told they were facing possible layoff and Didi stopped hiring in Britain, pulling launch plans for at least 12 months, according to the report. (https://bit.ly/2WaN29Z)

The move follows a more than month-long regulatory crackdown on China’s huge internet industry, which includes companies like Didi, for breaches of antitrust laws, customer data privacy and other violations.

Beijing regulators have removed its mobile app from app stores in a cybersecurity investigation sparked by concerns over user data leaving China.

The company did not immediately respond to a request for comment from Reuters.

Didi listed his shares in New York in June after raising $ 4.4 billion in an initial public offering (IPO), the biggest sale of shares by a Chinese company since the trading giant was listed in 2014 electronics Alibaba Group Holding Ltd.

Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel and Anil D’Silva

Our Standards: Thomson Reuters Trust Principles.

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