DIDIY - DiDi Global fined $1.2B by Chinese agency ending year-long probe

Didi Global ( OTCPK:DIDIY ) was fined $1.2B by China's cybersecurity regulator on Thursday, ending a year-long probe into the ride-hailing company after it listed in New York amid scrutiny from its home country.

The Cyberspace Administration of China, or CAC, imposed the levy and said Didi ( OTCPK:DIDIY ) had violated three laws concerning cybersecurity, data security and personal information protection. Didi ( OTCPK:DIDIY ) listed on the New York Stock Exchange in June 2021 despite the fact the CAC asked it to wait while it reviewed its data practices, according to Reuters .

The fine translated into roughly 4% of Didi's ( OTCPK:DIDIY ) $27.3B in revenue last year.

On Wednesday, it was reported that Didi ( OTCPK:DIDIY ) could be fined more than $1B as the Chinese government looked to end its investigation into the company.

In addition to the steep fine for the company, founder and Chief Executive Cheng Wei and President Jean Liu were both fined 1M yuan (roughly $147,000) each for their roles, Reuters added.

The announcement of the fine, which Didi Global ( OTCPK:DIDIY ) accepted, may restart the process of the company going public in Hong Kong, something the company halted in March .

In June, Didi ( OTCPK:DIDIY ) started trading over-the-counter in New York after it delisted itself from the New York Stock Exchange and shareholders approved the measure .

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