Home » Economy » Didi suspends UK launch plans amid Chinas crackdown on tech firms

Didi suspends UK launch plans amid China's crackdown on tech firms

China's ride-hailing giant Didi Global Inc has suspended its plans to launch in Britain and...

👤 H K Badal23 Aug 2021 5:52 PM GMT
Didi suspends UK launch plans amid Chinas crackdown on tech firms

The logo for Chinese ride-hailing company Didi Global Inc is pictured during the IPO on the New York Stock Exchange (NYSE) floor in New York City, U.S., June 30, 2021.

Share Post

China's ride-hailing giant Didi Global Inc has suspended its plans to launch in Britain and continental Europe, The Telegraph reported on August 23, against the backdrop of a regulatory backlash at home over data privacy.

Staff working on the planned launches have been told that they face possible redundancy and Didi has stopped hiring in Britain, pulling the launch plans for at least 12 months, according to the report.

The move comes on the heels of a more than a month-long regulatory crackdown on China's massive internet sector, which includes companies like Didi, for antitrust, customer data privacy and other violations.

Beijing's regulators have removed its mobile app from app stores amid a cybersecurity probe triggered by concerns about user data leaving China.

Didi listed its shares in New York in June after raising US$4.4 billion in an initial public offering (IPO), the biggest stock sale by a Chinese company since the 2014 listing of e-commerce behemoth Alibaba Group Holding Ltd.