{"id":305637,"date":"2021-07-22T18:09:28","date_gmt":"2021-07-22T15:09:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-weighs-unprecedented-penalties-for-didi-after-us-ipo\/"},"modified":"2021-07-22T18:09:28","modified_gmt":"2021-07-22T15:09:28","slug":"china-weighs-unprecedented-penalties-for-didi-after-us-ipo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-weighs-unprecedented-penalties-for-didi-after-us-ipo\/","title":{"rendered":"#China weighs ‘unprecedented’ penalties for Didi after US IPO"},"content":{"rendered":"

“#China weighs ‘unprecedented’ penalties for Didi after US IPO<\/strong>”<\/p>\n

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China is reportedly weighing \u201cunprecedented\u201d penalties for Didi after the ride-sharing giant went public in the US in June despite a crackdown from its home country\u2019s cybersecurity regulator.<\/p>\n

China\u2019s government may forcibly introduce a state-owned investor to the company\u2019s board or force Didi \u2014 popularly known as the \u201cChinese Uber\u201d \u2014 to delist or withdraw the $4.4 billion in shares it listed on the New York Stock Exchange last month, Bloomberg reported<\/a> Thursday, citing people familiar with the matter.<\/p>\n

More conventional punishments that regulators are considering reportedly include imposing a fine or forcing the company to suspend parts of its operations.<\/p>\n

Didi \u2014 which\u00a0bought out Uber\u2019s unprofitable China operation in 2016\u00a0\u2014\u00a0did not immedia<\/a>tely reply to a request for comment on the report.<\/p>\n

The company\u2019s stock was down more than 8 percent on the news<\/a> Thursday morning, trading at $10.56, according to MarketWatch data<\/a>.<\/p>\n

Prior to Thursday\u2019s battering, Didi shares had already fallen 40 percent from their peak of more than $18 earlier this month.<\/p>\n

\"A
The Chinese government may forcibly introduce a state-owned investor to Didi\u2019s board, Bloomberg reported.<\/figcaption>
SOPA Images\/LightRocket via Gett<\/span><\/figcaption><\/figure>\n

Just two days after Didi went public in the US at a valuation of $80 billion, China\u2019s cybersecurity regulator revealed<\/a> it was investigating the company over privacy concerns. Soon after, authorities said they would prevent the company from taking on new customers and removed the company\u2019s app<\/a>s from app stores.<\/p>\n

Prior to Didi going public in the US, Chinese regulators expressed concerns about the company\u2019s data security practices, according to Bloomberg. The regulators allegedly urged Didi to shift the IPO to Hong Kong or mainland China but did not explicitly forbid the company from going public in the US.<\/p>\n

Didi is not the only tech company to face the wrath of Chinese regulators.<\/p>\n

\"A
Didi shares have already fallen more than 40 percent from their peak.<\/figcaption>
Google Markets<\/span><\/figcaption><\/figure>\n

Late last year, China\u00a0suspended a planned $37 billion IPO\u00a0by e-commerce giant Ant Group, shocking investors.<\/p>\n

Shortly afterward, Chinese regulators said they were conducting an antitrust probe of the company and Ant Group founder Jack Ma\u00a0went into hiding for months.\u00a0In July, regulators fined Ant Group affiliate company Alibaba $2.8 billion for suppressing competition \u2014 the country\u2019s biggest antitrust penalty to date.<\/p>\n

Yet whatever penalty China imposes on Didi is expected to be \u201charsher\u201d than the Alibaba fine, Bloomberg reported.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#China weighs ‘unprecedented’ penalties for Didi after US IPO” China is reportedly weighing \u201cunprecedented\u201d penalties for Didi after the ride-sharing giant went public in the US in June despite a crackdown from its home country\u2019s cybersecurity regulator. China\u2019s government may forcibly introduce a state-owned investor to the company\u2019s board or force Didi \u2014 popularly known…<\/p>\n","protected":false},"author":1,"featured_media":305638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/didi-27.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[112498,4973,5007,39572,73424,1450],"class_list":["post-305637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-22-21","tag-china","tag-ipo","tag-monopoly","tag-ride-sharing","tag-uber"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=305637"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/305637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/305638"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=305637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=305637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=305637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}