trading session since Chinese regulators ordered its app off mobile app stores in China. July 5-July 6 - Didi says that it was unaware before its IPO that the CAC would launch a cybersecurity investigation or order a halt in China to new user registrations and a suspension of app downloads.ĭidi shares fall as much as 25% in the first U.S. July 4 - The CAC orders Chinese app stores to stop offering Didi's app after finding that the firm had illegally collected users' personal data.ĭidi says it had stopped registering new users and would remove its app from app stores, and would make changes to comply with rules and protect users' rights. July 2 (Reuters) - The Cyberspace Administration of China (CAC) says it has launched an investigation into Didi to protect national security and the public interest, and that Didi was not allowed to register new users during the probe, sending Didi shares lower.ĭidi says it plans a comprehensive examination of cybersecurity risks and would cooperate fully with the relevant government authority. The shares end their first day of trading slightly above IPO price. June 30 - Didi raises $4.4 billion in its IPO, pricing it at the top of its indicated range and increasing the number of shares sold, giving it a valuation of $73 billion on a fully diluted basis and $67.5 billion on a non-diluted basis. The probe, the latest in a sweeping crackdown on China's so-called "platform" companies, is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly, and whether the pricing mechanism used by Didi's core ride-hailing business is transparent enough, sources said.
June 17 - Reuters reports that China's market regulator has begun an antitrust probe into Didi, citing three people with knowledge of the matter.
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