Not just Didi: China’s Internet watchdog targets more U.S.-listed firms for ‘national security’ review – By Eamon Barrett & Yvonne Lau (Fortune) / July 5 2021
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On Monday, China’s Internet watchdog, the Cyberspace Administration of China (CAC), ordered two Chinese-owned, U.S.-listed companies to stop registering new users. The agency placed both firms—Full Truck Alliance, known as China’s “Uber for trucks,” and job recruitment site Boss Zhipin, under national security review.
The freeze comes a day after the CAC imposed similar sanctions on ride-hailing giant Didi Chuxing, which raised $4.4 billion in a New York IPO last week. The CAC accused the firm of breaching data protection rules.
“Didi will fully cooperate with the relevant government authority during the review,” Didi said in a statement on Friday, when the CAC first announced Didi was under review as a possible threat to national security.
On Sunday, the CAC ordered local app stores to remove Didi’s app, flagging Didi Global’s use of consumer data for unspecified violations. Didi Global is the name of Didi Chuxing’s listed entity. Didi said it “expects that the app takedown may have an adverse impact on [the company’s] revenue in China.”
CONTINUE > https://fortune.com/2021/07/05/didi-chuxing-stock-app-cybersecurity-full-truck-alliance-boss-zhipin/
