LONDON: Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global, people familiar with the matter said on Tuesday, a move that could bring an end to a probe into the firm’s cybersecurity practices.
The people said the fine would be more than 8 billion yuan ($1.28 billion), accounting for about 4.7 percent of Didi’s $27.3 billion total revenue last year. They declined to be identified as the information was not yet made public.
The Wall Street Journal first reported the potential size of the fine earlier on Tuesday.
The ride-hailing firm did not immediately respond to a Reuters request for comment.
Didi’s fine would be the largest regulatory penalty imposed on a Chinese tech company since e-commerce titan Alibaba Group and delivery giant Meituan were fined $2.75 billion and $527 million respectively last year by China’s antitrust regulator.
Alibaba’s fine equated to about 4 percent of its 2019 domestic sales, while Meituan’s was equivalent to 3 percent of its 2020 domestic sales.
Didi’s penalty could pave the way for Beijing to ease a restriction banning it from adding new users to its platform and allow its apps to be restored on domestic app stores.
Didi, co-founded in 2012 by former Alibaba employee Will Wei Cheng and backed by SoftBank Group and Uber Technologies, previously set aside 10 billion yuan for a potential fine, Reuters previously reported.
The company has struggled to bring its business back to normal after angering Chinese regulators by pushing ahead with its $4.4 billion New York listing in June 2021 despite being asked to put the float on hold.
Days after Didi went public, China’s powerful Internet watchdog, the Cyberspace Administration of China, launched a cybersecurity probe into the company’s data practices and ordered app stores to remove 25 mobile apps operated by Didi.
The restrictions have chipping away at Didi’s dominance and allowed rival ride-hailing services operated by automakers Geely and SAIC Motor to gain market share.
The company announced it would delist from the New York Stock Exchange in December, and won its shareholders’ nod for the plan in May.
Shares of Didi soared in their initial public offering (IPO), giving the company a valuation of $80 billion. It was the biggest US listing by a Chinese firm since 2014.
Besides Didi, the CAC also launched cybersecurity reviews of Full Truck Alliance and online recruitment firm Kanzhun Ltd. July 2021.
Kanzhun and Full Truck Alliance said on June 29 the regulator had given their apps the go-ahead to resume new user registrations.
China to fine Didi more than $1 billion for data breaches, sources say
https://arab.news/wv5v7
China to fine Didi more than $1 billion for data breaches, sources say
- Didi’s penalty could pave the way for Beijing to ease a restriction banning it from adding new users to its platform and allow its apps to be restored on domestic app stores.
Asharq Business with Bloomberg, Nasdaq to bring real-time US equities data to MENA
- Nasdaq to deliver exclusive real-time US equities market data
- Real-time updates fully integrated into Asharq Business’ data infrastructure and available across all platforms
RIYADH: Asharq Business with Bloomberg, the region’s leading business and financial news multi-platform channel, announced Tuesday a strategic three-year collaboration with Nasdaq, to deliver exclusive real-time US equities market data and updates to investors and decision-makers across the Middle East.
Through access to Nasdaq’s official data product, Nasdaq Last Sale (NLS), Asharq Business with Bloomberg will receive real-time last-sale trade updates and calculated insights across major US exchanges directly from the Nasdaq Market Center. The collaboration strengthens market transparency, enhances data-driven storytelling, and provides audiences and partners with deeper insight into global financial activity.
With a rapidly growing investor base in the region — and with Nasdaq serving as a primary destination for many Arab and regional investors — Asharq Business with Bloomberg reinforces its mission to deliver timely, accurate, and exclusive financial updates by integrating NLS data into its digital platforms, live markets coverage, and broader data ecosystem.
Leveraging its partnership with Bloomberg Media — which grants access to reporting from over 2,700 journalists and analysts worldwide — Asharq Business with Bloomberg continues to build on its reputation as the region’s most trusted and credible multi-platform business news source. The collaboration with Nasdaq underscores its commitment to providing reliable, data-backed content across social, digital, and streaming platforms, available for audiences anytime and anywhere.
Dr Nabeel Al Khatib, General Manager of Asharq News Network, commented: “It has been five years since the inception of Asharq Business with Bloomberg, and our audience has always been at the center of everything we do. We invest time and effort to understand what matters to them, ensuring we deliver data and stories that genuinely support informed decision-making. With growing regional interest in global markets, our collaboration with Nasdaq marks a strategic step toward offering a clearer, more comprehensive view of international financial activity. Through Nasdaq Last Sale, we aim to further empower our audience with transparent, real-time insights, strengthening their ability to navigate an increasingly interconnected global investment landscape.”
The Nasdaq leadership team added: “We are pleased to collaborate with Asharq Business with Bloomberg to broaden access to high-quality US market data in the Middle East. Through Nasdaq Last Sale, we aim to enhance transparency, support informed decision-making, and contribute to a more connected global investor community.”
