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PCB supplier china:Didi shares fall after China announces cybersecurity review just days after IPO

Article source:Editor:Sun&Lynn Mobile phone view
Popularity:944Dated :07-03-2021 08:36【big well Small

As PCB supplier china know that Didi shares fell more than 9% in premarket trading Friday morning after China, where the company is based, announced a cybersecurity review of the company.

According to an English translation of China’s announcements, new users will not be able to register for Didi’s ride hailing service during the country’s cybersecurity review.

China’s move comes just two days after Didi held its IPO on the New York Stock Exchange. The stock was poised to show another day of gains after closing up nearly 16% on Thursday. Shares of Didi were up about 5% in premarket trading before China released its announcement.

Didi said in a statement it would “fully cooperate” during the review.

“We plan to conduct comprehensive examination of cybersecurity risks, and continuously improve on our cybersecurity systems and technology capacities,” a spokesperson told in an email.

China’s announcement also reflects a broader trend of the company’s regulatory crackdown on technology companies based there that were once loosely regulated. In June, Reuters reported that Chinese regulators were probing Didi for antitrust violations. It’s also reportedly looking into the company’s pricing mechanism.

And last fall, As PCB supplier china know that Ant Group’s IPO in Shanghai and Hong Kong was delayed after Chinese regulators stepped in and interviewed the company’s top executives, including chairman Jack Ma. Regulators hit Alibaba with a $2.8 billion fine in April, saying the company abused its market dominance.

Didi had warned in its IPO prospectus that it met with regulators earlier this year, along with several other Chinese internet companies. The ride-hailing company said they might be subject to penalties, as regulatory bodies might not be satisfied with the inspection results.

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