China to fine Didi $1.3 bln over data - sources
STORY: China is set to impose a massive fine on ride hailing app Didi Global.
Reuters sources say the penalty will total almost $1.3 billion.
That would be close to 5% of the firm’s revenue last year.
Didi has been in trouble with Beijing regulators for some time.
It angered watchdogs in 2021 by pushing ahead with a New York listing after being told to put it on hold.
Within days regulators had launched a probe into its data practices, and ordered app stores to remove its products.
That’s allowed rivals to chip away at its leading position in the ride-hailing market.
Didi has since said it will delist its U.S. shares in December.
Now the fine could bring an end to the probe into the firm.
That could see it allowed to add new users again, and get its apps restored.
There was no immediate comment from Didi on the latest reports.
The fine wouldn’t be a record for China though.
Only last year, regulators hit e-commerce titan Alibaba with a penalty of about $2.75 billion over antitrust concerns.
