- Just days after Didi raised nearly $5B from investors in its U.S. IPO, China’s Cyberspace Administration has ordered the company’s app removed from app stores, noting serious issues with Didi’s usage of customers’ personal information.
- Those who already have the app will be able to continue to use the service, but new downloads on phones from the likes of Apple, Huawei, and Xiaomi are nixed from Sunday on.
- On Friday it was reported that Beijing had begun a cyber-security related probe into Didi, and by Saturday Didi had halted new registrations and was working to fix its app to comply with regulator wishes.
- Notable Didi investors include Uber, Tencent, and Softbank.
Author: Stephen Alpher, Seeking Alpha