Explainer | Timeline: how Didi went from poster child for China tech to cautionary tale of the risks incurred by defying Beijing
- In July last year, China’s cyberspace watchdog initiated an unprecedented probe into Didi on the grounds of data security and ‘national security’
- On top of the US$1.2 billion fine imposed on the company this month, Didi executives Will Cheng Wei and Jean Liu Qing were fined 1 million yuan each
China’s cyberspace regulator on Thursday imposed a fine of 8.026 billion yuan (US$1.2 billion) on Didi Global, the country’s ride-hailing giant, for violations of data laws, putting an end to a year-long investigation into the Beijing-based company.
Here is a timeline of how in the space of one year Didi went from being a poster child of China’s technology industry in the eyes of global investors to a cautionary tale of what can happen if a company gets on the wrong side of Beijing’s regulatory crackdown.
30/06/2021 – Didi launches a successful IPO in New York
However, Didi skipped the usual celebrations and public relations campaigns that went along with a successful mega-IPO, stirring murmurs.
02/07/2021 – China announces cybersecurity probe into Didi