{"id":1561674,"date":"2022-07-19T17:35:50","date_gmt":"2022-07-19T21:35:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561674"},"modified":"2022-07-19T17:36:00","modified_gmt":"2022-07-19T21:36:00","slug":"china-to-fine-didi-more-than-1-billion-for-data-breaches-sources-say","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-to-fine-didi-more-than-1-billion-for-data-breaches-sources-say\/","title":{"rendered":"China to fine Didi more than $1 billion for data breaches, sources say"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-to-fine-didi-more-than-1-billion-for-data-breaches-sources-say%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1561674&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>(Reuters) -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\u2019s cybersecurity practices.<\/p>\n<p>The people said the fine would be more than 8 billion yuan ($1.28 billion), accounting for about 4.7% of Didi\u2019s $27.3 billion total revenue last year. They declined to be identified as the information was not yet made public. <\/p>\n<p>The Wall Street Journal first reported the potential size of the fine earlier on Tuesday. <\/p>\n<p>The ride-hailing firm did not immediately respond to a Reuters request for comment.<\/p>\n<p>Didi\u2019s fine would be the largest regulatory penalty imposed on a Chinese tech company since e-commerce titan Alibaba Group and delivery giant Meituan were fined $2.75 billion and $527 million respectively last year by China\u2019s antitrust regulator.<\/p>\n<p>Alibaba\u2019s fine equated to about 4% of its 2019 domestic sales, while Meituan\u2019s was equivalent to 3% of its 2020 domestic sales.<\/p>\n<p>Didi\u2019s penalty could pave the way for Beijing to ease a restriction banning it from adding new users to its platform and allow its apps to be restored on domestic app stores. <\/p>\n<p>Didi, co-founded in 2012 by former Alibaba employee Will Wei Cheng and backed by SoftBank Group and Uber Technologies, previously set aside 10 billion yuan for a potential fine, Reuters previously reported. <\/p>\n<p>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.<\/p>\n<p>Days after Didi went public, China\u2019s powerful internet watchdog, the Cyberspace Administration of China, launched a cybersecurity probe into the company\u2019s data practices and ordered app stores to remove 25 mobile apps operated by Didi.<\/p>\n<p>The restrictions have chipping away at Didi\u2019s dominance and allowed rival ride-hailing services operated by automakers Geely and SAIC Motor to gain market share. <\/p>\n<p>The company announced it would delist from the New York Stock Exchange in December, and won its shareholders\u2019 nod for the plan in May.<\/p>\n<p>Shares of Didi soared in their initial public offering (IPO), giving the company a valuation of $80 billion. It was the biggest U.S. listing by a Chinese firm since 2014.<\/p>\n<p>Besides Didi, the CAC also launched cybersecurity reviews of Full Truck Alliance and online recruitment firm Kanzhun Ltd July 2021.<\/p>\n<p>Kanzhun and Full Truck Alliance said on June 29 the regulator had given their apps the go-ahead to resume new user registrations.<\/p>\n<p>($1 = 6.7405 Chinese yuan renminbi)<\/p>\n<p> (Reporting by Julie Zhu and Xie Yu in Hong Kong; Yingzhi Yang in Beijing and Nivedita Balu in Bengaluru; Editing by Aditya Soni and Edmund Blair)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2728116\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6I0E7-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6I0E7-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -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<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1561674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1561674"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1561674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1561674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1561674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1561674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}