The CAC's move also comes amid a widespread regulatory squeeze on Chinese tech firms that began with the scuttling of a $37 billion listing planned by Alibaba fintech affiliate Ant Group late last year. Ride-hailing giant Didi Global Inc said a regulatory order that its app be removed from app stores in China could hurt revenue, while other newly U.S.-listed Chinese firms also found themselves the subject of cybersecurity investigations. "The fact that this isn't happening is a clear indication that China is looking to use these companies as a warning to other tech firms," Kapron said. "The Company expects that the app takedown may have an adverse impact on its revenue in China," Didi said in a statement but did not elaborate on the potential extent of the impact. In its IPO prospectus, Didi said: "we follow strict procedures in collecting, transmitting, storing and using user data pursuant to our data security and privacy policies."

Source: The Hindu July 05, 2021 13:18 UTC