News analysis

Didi crackdown the tip of iceberg as China mulls stricter regulation of tech firms

Didi has lost 30 per cent of market value since China's cyber-security review began. PHOTO: AFP
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BEIJING - To say that Didi has had a bad week is an understatement: Within the space of 10 days, the ride-hailing unicorn went from listing in the New York Stock Exchange to having its app pulled from Chinese stores as it undergoes a regulatory review back home.

On Friday (July 9), exactly a week after the Cyberspace Administration of China (CAC) announced that the tech firm was being investigated for illegally collecting user data, it issued yet another directive ordering 22 more apps linked to Didi be taken offline.

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