BEIJING/HONG KONG: Following an investigation that resulted in Didi Global Inc. being forced to delist from the New York Stock Exchange less than a year after its debut and made international investors wary of China’s tech sector, China’s cybersecurity authority penalised the company $1.2 billion on Thursday.
When Didi decided to proceed with its US stock offering despite being advised to hold off while a cybersecurity review of its data practises was carried out.
According to the CAC, Didi had broken three key regulations pertaining to cybersecurity, data security, and personal data protection, which were all updated and enlarged by the country last year as part of efforts to control its internet.
The agency added that its investigation revealed Didi had engaged in data processing activities that gravely jeopardised national security over a seven-year period beginning in June 2015 and illegally acquired millions of pieces of customer information.
