July 19 (Reuters) - Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global (DIDIY.PK) that could bring an end to a probe into the company’s cybersecurity practices, the Wall Street Journal reported on Tuesday.
July 19 (Reuters) - Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global (DIDIY.PK) that could bring an end to a probe into the company’s cybersecurity practices, the Wall Street Journal reported on Tuesday.
The penalty could pave the way for Beijing to ease an earlier restriction banning Didi from adding new users to its platform and allow its apps to be restored on domestic app stores, the report said, citing people familiar with the matter.
After the fine, Didi could also kick-start a new share listing in Hong Kong, the report said.
The ride-hailing firm did not immediately respond to a Reuters request for comment.
Didi 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 last year 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.