Ride-hailing giant Didi said it would fully co-operate with the Chinese government authority. Reuters
Ride-hailing giant Didi said it would fully co-operate with the Chinese government authority. Reuters
Ride-hailing giant Didi said it would fully co-operate with the Chinese government authority. Reuters
Ride-hailing giant Didi said it would fully co-operate with the Chinese government authority. Reuters

Ride-hailing company Didi's shares fall after China launches cyber security probe


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Didi Global's shares fell more than 10 per cent in New York on Friday, after China's cyber space agency said it had launched an investigation into the Chinese ride-hailing giant to protect national security and the public interest.

The Cyberspace Administration of China (CAC) said 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.

Beijing-based Didi said in a statement to Reuters that it planned to conduct a comprehensive examination of cyber security risks and would co-operate fully with the relevant government authority.

In a filing, it said that apart from the suspension of new user registrations in China, it was operating normally.

Chinese internet regulators have tightened rules for the country's tech giants in recent years, asking companies to collect, store and handle key data properly.

The cyber space agency did not offer details about its investigation into Didi, but said the investigation was also to prevent data security-related risks, citing China's national security law and cyber security law.

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

Didi laid out related regulations in China in its IPO prospectus and said: "We follow strict procedures in collecting, transmitting, storing and using user data pursuant to our data security and privacy policies."

Two investors, however, told Reuters that company executives did not discuss possible cyber security regulation with investors at the call they joined for Didi's IPO roadshow.

Didi's shares fell as much as 10.9 per cent after the open and closed 5.3 per cent down.

"Didi does seem to be attracting a lot of regulatory pressure. The near-term impact depends a lot on how long a review lasts but Didi has a large enough base that we aren't going to change our forecasts yet," Redex Research analyst Kirk Boodry, who publishes on Smartkarma, told Reuters.

Adam Segal, a cyber security expert at the Council on Foreign Relations think tank in New York, said while it was hard to know what was going on without more detail, "CAC has been looking at security of all large firms' data as part of a crackdown on big tech".

Didi, which raised $4.4 billion from its initial public offering (IPO), did not hold a celebration event for its market debut, an unusual move among Chinese companies.

The company, founded by Will Cheng in 2012, has faced several regulatory probes in China over safety and its operation licence.

The company is also facing an antitrust investigation, revealed by Reuters in June, looking at whether Didi used anti-competitive behaviours to drive out smaller rivals. It said at the time that it would not comment on "unsubstantiated speculation from unnamed source(s)".

Didi's debut on Wednesday was the biggest US listing by a Chinese company since Alibaba Group Holding in 2014.

It had aimed to raise up to $10bn through its IPO to value the company at $100bn. However, investors were critical of the valuation target during meetings ahead of the deal's launch which pushed its size down.

Didi is also backed by technology investment giants including SoftBank Group, Alibaba, Tencent and Uber.

Rooney's club record

At Everton Appearances: 77; Goals: 17

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Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)

Man of the Match: Shane Duffy (Brighton)

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Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

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Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

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Updated: July 03, 2021, 7:39 AM`