On July 4, the Cyberspace Administration of China (CAC) ordered app stores to stop offering the Didi app.
China's cyberspace regulator banned Didi from app stores on July 4, owing to the illegal collection of users' personal data. The CAC had requested Didi to rectify the existing problems in strict accordance with the legal requirements, protecting users' information security.
Didi responded that it had implemented the relevant requirements of the national departments, stopped registering new users and removed its app from app stores on July 3, with no effect on the current users, including both passengers and drivers. Meanwhile, the company said it would "improve risk prevention awareness and technical capability, protect users' rights and data security, and provide safe and convenient services."
On June 30, Didi listed its shares on the New York Stock Exchange at an offering price of USD 14 apiece. The price rose by more than 28%, with a market value of about USD 67.8 billion. The volatility continued on July 1 when the company's share price grew nearly 16% to USD 16.4 per share, increasing its market cap to USD 78.6 billion.
On July 2, the firm's share price plummeted over 10% owing to the news, with its market cap losing in excess of USD 3 billion within one trading day.
China's cyberspace regulator banned Didi from app stores on July 4, owing to the illegal collection of users' personal data. The CAC had requested Didi to rectify the existing problems in strict accordance with the legal requirements, protecting users' information security.
Didi responded that it had implemented the relevant requirements of the national departments, stopped registering new users and removed its app from app stores on July 3, with no effect on the current users, including both passengers and drivers. Meanwhile, the company said it would "improve risk prevention awareness and technical capability, protect users' rights and data security, and provide safe and convenient services."
On June 30, Didi listed its shares on the New York Stock Exchange at an offering price of USD 14 apiece. The price rose by more than 28%, with a market value of about USD 67.8 billion. The volatility continued on July 1 when the company's share price grew nearly 16% to USD 16.4 per share, increasing its market cap to USD 78.6 billion.
On July 2, the firm's share price plummeted over 10% owing to the news, with its market cap losing in excess of USD 3 billion within one trading day.