- Didi shares fell 11% on Friday after China’s internet regulator launched a cybersecurity review of the rideshare company.
- China’s Cyberspace Administration said the review was aimed at preventing national data security risks.
- The review comes two days after Didi shares began trading on the New York Stock Exchange.
- See more stories on the Insider business page.
Didi share fell sharply on Friday after the Chinese government announced a cybersecurity review of the ridesharing service, dealing the regulatory blow two days after the company made its commercial debut in the United States.
The Cyberspace Administration of China, the country’s internet regulator, said it blocked Didi from registering new users during its review, according to several reports on Friday. The regulator said it launched the move with the aim of preventing national data security risks, maintaining national security and protecting the public interest, according to a translation of the opinion.
NYSE-listed Didi shares fell 11% to $ 14.60, then narrowed the loss to 6.5%. Didi on Wednesday marked the largest IPO of a Chinese company in the U.S. market since 2014, when shares of an e-commerce company Ali Baba started trading on the New York Stock Exchange. Didi’s shares have skyrocketed up to 28% on the first day of tradingg, valuing the company at $ 86 billion.
Chinese regulators have recently been tough on fintech company Ant Group, which is working to go public in the United States later this year. At the end of last year, regulators suddenly unveiled new online lending regulations, dealing a blow to Ant’s lending and credit business. The move came a week after Ant founder Jack Ma made comments that publicly snubbed China’s regulatory banking rules. The IPO, which had an estimated valuation of nearly $ 300 billion, has been suspended.
Didi in a press release on Friday, according to the South China Morning Post newspaper, said it plans to conduct a comprehensive cybersecurity risk review and work to improve its cybersecurity systems and technological capabilities.
“Didi will cooperate fully with the relevant government authority during the review,” the statement said.
Didi stock was trading at $ 15.33, down 6.49%, Friday at 11:41 a.m. ET.
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