China fines ride-hailing giant Didi $1.2bn after probe

Beijing, July 21 : China has fined ride-hailing giant Didi 8.026 billion yuan ($1.

2 billion) for breaking its cyber security laws, the media reported.On Thursday, the Cyberspace Administration of China (CAC) said that it had found "conclusive evidence" against the company, the BBC reported.

The regulator announced that it had started an investigation into Didi just days after the firm launched its shares in the US last year.Didis shares have since stopped trading on the New York Stock Exchange.

The CAC also said it had imposed fines of one million yuan each on Didi Globals chairman and chief executive Cheng Wei and president Liu Qing.In response, Didi said it accepted the ruling and would "conduct comprehensive and in-depth self-examination".

"We will take this as a warning and pay equal attention to both security and development," the company said in a post on Chinese social media platform Weibo, the BBC reportedDidi came under intense pressure following its US stock market debut in June last year.Within days of the initial public offering Beijing announced a crackdown on technology companies listing overseas.

In December, Didi announced plans to exit the US stock market and re-list its shares in Hong Kong.The company has become one of the most high profile targets of the Chinese governments tough approach to the countrys technology industry.

Authorities have been pursuing a wide-ranging crackdown on companies, from slapping e-commerce firm Alibaba with a record fine to ordering technology giant Tencent to suspend the roll out of new apps, BBC reported.#China #giant #Didi #StockExchange #SenSex #Nifty #India #Economy #New York #New York #Beijing.