Chinese ride-hailing giant Didi may be reversing out of Beijing’s doghouse. Authorities are readying a fine of more than $1.3 billion, or around 4.7% of the company’s revenue last year, according to Reuters . That should put an end to a year-long cybersecurity investigation that has hampered business and effectively cost the company its New York listing.
. That should put an end to a year-long cybersecurity investigation that has hampered business and effectively cost the company its New York listing.
On paper, the fine looks manageable next to Didi’s $5 billion net cash pile as of December. Assuming there are no other penalties, that should help kickstart growth: as part of the regulatory probe, the company, whose services were removed from Chinese app stores, had been banned from registering new users for a year.
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