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Date: 2023-01-13 15:00:27
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Chinese authorities prepared to bring back DiDi Global Inc's (OTC: DIDIY) ride-hailing and other apps on domestic app stores by next week, signaling the country's easing down on its two-year regulatory crackdown on the technology sector.
China has prohibited new user registrations and downloads of its 25 banned apps in China, Reuters reports.
DiDi's relaxations could take place before the Lunar New Year holiday period, which would help Didi start to win new clients for the business.
China struggled to restore private sector confidence and spur economic activity ravaged by the pandemic.
The Cyberspace Administration of China (CAC) penalized DiDi by $1.2 billion in July as part of Beijing's sweeping crackdown on the country's technology titans over the past two years that knocked down hundreds of billions of dollars off their values.
China penalized Alibaba Group Holding Limited (NYSE: BABA) $2.75 billion in 2021.
Didi launched in Beijing in 2012 and backed by the likes of Alibaba, Tencent Holding Ltd (OTC: TCEHY), and Softbank Group Corp (OTC: SFTBF) (OTC: SFTBY) irked regulators as it pressed ahead with its U.S. stock listing against the regulator's will.
DiDi had to pull out from the NYSE in June 2022.
The revocation of DiDi's ban got delayed by a leadership reshuffle and a pandemic resurgence in the country.
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Original Source: https://finance.yahoo.com/news/china-likely-help-didi-tap-124804388.html