Reports: China to fine ride-hailing giant Didi more than US$1bil

Didi, once known as China’s answer to Uber, has been one of the highest-profile targets of the widespread clampdown on the sector, which saw years of runaway growth and supersized monopolies before regulators stepped in. — Reuters

BEIJING: China is preparing to hit ride-hailing giant Didi with a fine of more than US$1bil (RM4.44bil) to wrap up a long-running probe, media reports said, boosting investor hopes that the country’s tech crackdown is winding down.

Didi, once known as China’s answer to Uber, has been one of the highest-profile targets of the widespread clampdown on the sector, which saw years of runaway growth and supersized monopolies before regulators stepped in.