Authorities have, in recent months, softened their tone on the crackdown as they seek to boost an economy hurt by Covid-19 containment measures, and the probe into Didi was among cases being closely watched for clues on how this could play out. — AFP
HONG KONG/BEIJING: China’s US$1.2bil (RM5.34bil) fine on Didi Global draws a line under the ride hailing company’s regulatory woes, but the retroactive application of laws and a lack of clarity on the firm’s business revival show the worst for its tech sector may not be over.
Beijing’s launch of a cybersecurity probe just over a year ago into Didi was part of a wider and unprecedented crackdown on violations of antitrust and data rules, among other issues, that targeted some of China’s best-known corporate names such as Alibaba Group and Tencent Holdings.
