Didi warns of negative impact after it is forced to remove 25 more apps
14 July, 2021
Didi Chuxing said it faces a negative impact after it complied with a Chinese order to remove 25 more apps from mobile app stores for breaching the country's data security laws.
China’s cyber space regulator on Friday banned downloads of the apps, which it accused of “serious illegal collection and use of personal information”.
They included the enterprise version of Didi's core service, as well as apps covering finance and delivery.
Didi’s US-traded shares fell by 7.2 per cent in New York on Monday. That adds to a rout that began after the Cyber Space Administration of China stunned the industry and investors by launching a probe into the company only two days after it pulled off the second-largest US initial public offering by a Chinese company.
The company went public at $14 a share less than two weeks ago and reached $16.40 before the crackdown. It closed at $11.16 in New York on Monday.
Didi’s main app, which functions much in the same way as Uber's, was pulled from mobile app stores a week ago. The company said at the time that the move would have a negative effect on its business.
Source: www.thenationalnews.com
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