China's cybersecurity regulator, China's Cyberspace Administration of China (CAC), said on the 21st, Didi, a major ride-hailing service company, globally 8,026 million yuan (11). Announced that it has imposed a fine of $ 190 million). A year-long investigation revealed violations of the law, including data security-related matters.
CAC points out that Drops illegally collected millions of user information over the seven years from June 2015 and processed data that would have a significant impact on national security. Didi's founder and CEO, Cheng Wei and President Liu Qing, have each been fined 1 million yuan.
Didi accepted CAC's decision and indicated that it would take comprehensive voluntary investigations and corrective actions.
Following the announcement of CAC, the technology stock index on the Hong Kong stock market rose more than 1% in the afternoon trading.
"This fine will end the regulatory issue of Didi," said Travis Randy, an analyst at Quidity Advisors. I should have waited for the fine. " Didi said it would start moving towards a listing in Hong Kong.
Didi went public in June last year, even though it was asked to forgo the listing in the United States during the authorities' review of data processing practices. CAC announced a survey shortly after listing, ordering the suspension of application provision and new user registration.
CAC has not announced on the 21st whether it will lift restrictions on apps and users.
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