Didi given green light to resume new user sign-ups
By Abigail Townsend
Date: Monday 16 Jan 2023
(Sharecast News) - Didi Global has been given the green light by Chinese regulators to resume new user registrations, the ride hailing business confirmed on Monday.
The firm, founded in 2012, initially attracted a string of high-profile investors before making its $4.4bn debut on Wall Street in 2021.
But it ran afoul of domestic regulators, and shortly after it floated the Cyberspace Administration of China ordered it to remove mobile apps from app stores and suspended the registration of new users, effectively stopping it from trading.
It was also fined it $1.2bn over data-security breaches, and in June last year the firm delisted from the New York Stock Exchange.
But on Monday Didi confirmed that new user registration would resume "immediately".
In a post on social media that was reported widely by media outlets, including Reuters and the Financial Times, it said: "For more than a year, our company has earnestly co-operated with the national security review and handled seriously the problem the review found, carrying out a comprehensive rectification.
"With the approval of the Internet Security Review Office, new user registration on Didi Chuxing will resume immediately."
The investigation was widely seen as a part of a crackdown by Beijing on China's booming technology sector, with a number of other companies and entrepreneurs also affected.
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