China announced a ban of ride sharing giant Didi citing cyber security concerns due to serious violations on Didi Global's collection and usage of personal information.
The ban on Didi comes within 48 hours of the Chinese cyber security watchdog announcing a review of Didi's data collection policies. The 50 million used for Didi can continue to use the app if they have downloaded it before Sunday but from here on providers such as Xiaomo, Huawei and Apple will no longer offer Didi's app on their store.
But it's not users but investors that will feel the heat. Ride-hailing service DiDi Global IPO listed on Wall street on June 30, with a market value of $68 billion, making DiDi the biggest IPO of a Chinese company listed on American exchanges topping Alibaba that debuted with a $25 billion valuation in 2014