Didi set to receive over $1b fine
July 21, 2022
Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global , people familiar with the matter said on Tuesday, a move that could bring an end to a probe into the firm’s cybersecurity practices, reports Reuters.
The people said the fine would be more than RMB 8 billion ($1.28 billion), accounting for about 4.7% of Didi’s $27.3 billion total revenue last year. They declined to be identified as the information was not yet made public.
Didi’s fine would be the largest regulatory penalty imposed on a Chinese tech company since e-commerce titan Alibaba Group and delivery giant Meituan were fined $2.75 billion and $527 million respectively last year by China’s antitrust regulator.