June 17 - Reuters reports that China's market regulator has begun an antitrust probe into Didi, citing three people with knowledge of the matter. listing, setting the stage for what is expected to be the world's biggest initial public offering of 2021. initial public offerings (IPOs) of the past decade in June, Didi is now potentially facing a bid by the city of Beijing to take it under state control, Bloomberg News reports.įollowing are key events since Didi publicly announced its intention to list in the United States: June 11 - Beijing-based Didi makes public the filing for its U.S. Less than three months after pulling off one of the largest U.S. 5 on this year's list.Reuters | Beijing | Updated: 03-09-2021 18:38 IST | Created: 03-09-2021 18:02 IST Representative image Image Credit: ANIĭidi Global has highlighted the perils of investing in Chinese tech companies as a deepening regulatory crackdown wiped billions of dollars off the ride-hailing giant's valuation. In addition to traditional ride-hailing, Didi is heavily invested in making autonomous taxis a reality, and operates several segments around mobility.īefore going public, Didi was a four-time CNBC Disruptor 50 company that ranked No. It began expanding internationally in 2018, and the company now operates in 14 countries outside of China. We expect that these areas will receive greater and continued attention and scrutiny from regulators and the general public going forward,' the company said in its prospectus.įounded in 2012, Didi said it has 493 million annual active riders, and 41 million average daily transactions. 'We cannot assure you that the regulatory authorities will be satisfied with our self-inspection results or that we will not be subject to any penalty with respect to any violations of anti-monopoly, anti-unfair competition, pricing, advertisement, privacy protection, food safety, product quality, tax and other related laws and regulations.

The ride-hailing company said it might be subject to penalties, as regulatory bodies might not be satisfied with the inspection results. Regulators hit Alibaba with a $2.8 billion fine in April, saying the company abused its market dominance.ĭidi had warned in its IPO prospectus that it met with regulators earlier this year, along with several other Chinese internet companies. Beijing is also reportedly looking into the company's pricing mechanism.Īnd last fall, 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.

In June, Reuters reported that Chinese regulators were probing Didi for antitrust violations. 'We plan to conduct comprehensive examination of cybersecurity risks, and continuously improve on our cybersecurity systems and technology capacities,' a spokesperson told CNBC in an email.Ĭhina's announcement also reflects a broader trend of the country's regulatory crackdown on technology companies based there that were once loosely regulated.

Shares of Didi had risen about 5% in premarket trading before China released its announcement.ĭidi said in a statement it would 'fully cooperate' during the review. The stock was poised to show another day of gains after closing up nearly 16% on Thursday. China's move comes just two days after Didi held its IPO on the New York Stock Exchange.

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