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China Likely To Help DiDi Tap Lunar Holiday Period By Lifting Bans - Yahoo Finance

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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