Didi Drops As China Regulator Reviews Ride-Hailing Firm’s Cybersecurity

imageStock Markets21 minutes ago (Jul 02, 2021 11:31AM ET)

(C) Reuters

By Dhirendra Tripathi – Didi Global stock (NYSE:DIDI) dropped more than 6% in Friday’s trading as China’s internet regulator said it is reviewing the cybersecurity of Didi Chuxing, the ride-hailing business of the company.

Didi Global debuted on the NYSE on Wednesday.

The regulator has asked the company to not register any new user while the review is underway so that potential risks don’t spread, China’s Cyberspace Administration Office said Friday.

“DiDi will fully cooperate with the PRC government authority during the review. It plans to conduct a comprehensive examination of cybersecurity risks and continue to improve on its cybersecurity systems and technology capabilities,” the Chinese company said in a filing with the SEC.

Didi operates in more than 4,000 locations in 15 countries, though China mobility represents the bulk of revenue.

Didi Drops As China Regulator Reviews Ride-Hailing Firm’s Cybersecurity

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