The sanction, imposed by Didi’s cybersecurity practiceswould be equivalent to more than 4% of your income from last yearfor $27.3 billion, and would pave the way for listing on the Hong Kong stock exchange, according to the Wall Street Journal.
If the fine is confirmed, it would be the highest imposed on a Chinese technology company since the giant of the electronic commerce Alibaba had to pay US$2.75 billion in April 2021 for anticompetitive practices.
For now, there was no response from the transport company.
Citing unnamed sources, the newspaper said the Xi Jinping government will ease restrictions on Didi’s operations.
Meanwhile, the firm was prevented from adding new users and its applications were removed from online stores.
American newspaper publication generated an upturn on Wednesday at Chinese tech stocks in Hong Kongbefore the investors hope that the regulatory storm that has swept the sector for the last two years would come to an end.
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Alibaba shares rose 4%, while games company Tencent rallied 2.5% in morning trading.
Didi ran into trouble in June 2021 after it moved forward with an initial public offering in the United States, apparently against Beijing’s will.
Shortly after raising $4.4 billion, Chinese authorities opened a cybersecurity investigation into the companycausing its shares to plummet.
Source: Ambito
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