China Fines Didi $1.2 Billion as Tech-Sector Pressures Persist

The authorities in China on Thursday fined the country’s ride-hailing giant, Didi, $1.2 billion for data security violations, the latest in a string of regulatory actions that have laid low China’s once soaring internet sector.

The penalty, announced by China’s internet regulator, the Cyberspace Administration of China, ended a yearlong investigation into the data practices of the ride-sharing giant that spoiled a blockbuster listing in the United States and ultimately led to a decision to delist from the New York Stock Exchange. The regulator said it would also fine two top executives at the company.

The firm violated several Chinese data security laws by collecting millions of addresses, phone numbers, images of faces, and other data.

Article source: https://www.nytimes.com/2022/07/21/business/china-fines-didi.html