In less than a week, China’s leading ride-hailing platform, Didi, has gone from investor darling with a megabucks Wall Street debut to the biggest new target in Beijing’s fast-moving efforts to tame the country’s internet industry. The latest front in the regulatory blitz is privacy and cybersecurity. And they are reminder to international investors in Chinese companies about the regulatory curveballs that can sometimes come hurtling their way. Wasting no time at all, China’s internet regulator announced on Monday morning that user registrations on three more Chinese apps were being suspended — also, as with Didi, to allow officials to conduct cybersecurity reviews. The two companies behind those apps have listed shares recently in the United States.

Source: International New York Times July 05, 2021 13:07 UTC