The fine on ride-hailing firm Didi Global would be the largest regulatory penalty imposed on a Chinese tech company
Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global, people familiar with the matter said on Tuesday, a move that could bring an end to a probe into the firm’s cybersecurity practices.
Alibaba’s fine equated to about 4% of its 2019 domestic sales, while Meituan’s was equivalent to 3% of its 2020 domestic sales. The company has struggled to bring its business back to normal after angering Chinese regulators by pushing ahead with its $4.4 billion New York listing in June 2021 despite being asked to put the float on hold.
The company announced it would delist from the New York Stock Exchange in December, and won its shareholders’ nod for the plan in May.
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