China to fine Didi at least US$1b to end probe, WSJ says

CHINA is expected to fine Didi Global more than US$1 billion before wrapping up a year-long probe into the ride-hailing giant, the Wall Street Journal reported, citing people familiar with the issue as saying.

Beijing will then allow the Chinese company to restore its main apps to mobile stores and again add new users to its platform, the Journal said. Didi can also work toward a listing in Hong Kong, it said.

Representatives for the Cyberspace Administration of China and Didi didn’t reply to the Journal’s requests for comment.

Didi is one of the companies at the heart of a bruising clampdown on the Internet industry that Beijing initiated in 2020. Investors have been awaiting the penalties for Didi since the CAC launched a probe in 2021 into potential violations of data security. BLOOMBERG