Didi Global is fined with $1.2 Billion!

By Ritesh B

Chinese regulators are prepared to punish ride-hailing company Didi Global more than $1 billion.

The penalty would equal more than 8 billion yuan ($1.28 billion), or approximately 4.7 percent of Didi's $27.3 billion in annual sales.

Didi's penalties would be the highest regulatory sanction levied on a Chinese IT business.

Beijing may decide to relax the prohibition and permit the restoration of its applications on local app stores in response to Didi's punishment.

After upsetting Chinese officials by proceeding with its $4.4 billion New York IPO in June 2021, the firm has battled to get its business back to normal.

The company was fined for an alleged data breach of its users.

The CAC initiated cybersecurity assessments of Full Truck Alliance and online employment provider Kanzhun in July 2021 in addition to Didi.