Didi shares fell 5.3% on Friday after the Cyberspace Administration of China announced an investigation. The agency said Didi was barred from accepting new customers until the investigation was completed.
Chinese leaders are concerned about the influence of e-commerce, social media, and other companies that pervade the lives of China’s public. Most are privately operated. In April, Alibaba Group, the world’s biggest e-commerce platform, was fined $2.8 billion on charges of violating anti-monopoly rules. Other companies have been penalized on charges they violated rules on privacy, censorship, and disclosure of acquisitions.
Read more: https://www.usnews.com/news/business/articles/2021-07-04/chinese-ride-service-didi-told-to-take-app-off-online-stores
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