China’s Didi Global plans Hong Kong listing in 2024: Report
livemint.com(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Days after its debut in New York, the Cyberspace Administration of China (CAC) had launched an investigation into Didi, citing a need to protect national security and the public interest. The company was fined $1.2 billion in July 2022 over data-security breaches and was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023, the report said.
Didi’s market share in China declined to roughly 70% from about 90%. Meanwhile, Didi’s key backers include SoftBank Group Corp.
which is estimated to have invested about $11 billion in Didi and now holds a stake of 20%, worth about $3.2 billion. Catch Live Market Updates here (With inputs from Bloomberg)"Exciting news! Mint is now on WhatsApp Channels
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