Didi The "Chinese Uber" Fined An Astronomical Figure For This Reason

China has fined car travel giant 'Didi' no less than 8.026 billion yuan ($1.2 billion) for violating its cybersecurity laws. On Thursday, the Cyberspace Administration of China (CAC) declared that it had found "conclusive evidence" against the company.

The regulator announced it had launched an investigation into Didi just days after the company launched its US shares last year. Didi's shares have since been delisted from the New York Stock Exchange. The CAC also said it had imposed fines of one million yuan each on Didi Global Chairman and CEO Cheng Wei and Chairman Liu Qing.

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In response, Didi said he accepted the ruling and would "carry out a thorough and in-depth self-examination." "We will take this as a warning and pay equal attention to both security and development," the company said in a post on the Chinese social media platform Weibo.

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