China orders the removal of the Didi app from stores, accusing the ride-hailing company of illegally collecting personal data
- Chinese regulators' suspension of the
Didiapp comes days after the company's New York IPO.
- China's cyberspace agency accused the company of "serious violations" of in both collecting and using personal data.
- The company has said it would comply with the ban and make required changes.
The move comes days after the company began trading on the New York Stock Exchange. China has increasingly clamped down on big
The Cyberspace Administration of China said Sunday on its website that the investigation found the Didi app "has serious violations of laws and
Didi said in a statement posted on Weibo that it would comply and make necessary changes. Registration of new users has been suspended and the app "will be removed from the shelves for rectification in strict accordance with the requirements of the relevant departments," the statement said.
Users who have downloaded the Didi App can use it normally, and passengers' travel and driver's orders will not be affected, the statement said.
Didi is the second-largest ride-hailing app by market value in the world with a valuation of about $86 billion.
Shares of Didi soared as much as 28% in its IPO debut in New York on Wednesday. The company's debut was the second-largest among Chinese companies after e-commerce giant Alibaba's initial public offering in 2014.
Didi sports a number of high-profile investors, including Apple, which invested $1 billion in the ride-hailing company in 2016. Meanwhile, the SoftBank Vision Fund holds a 21.5% stake in Didi, while Uber and Tencent own a 12.8% and 6.8% stake in the company, respectively, according to Bloomberg.
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