Reuters could not learn whether regulators had asked for Liu's departure and what would happen to other executives, such as Didi Chairman and CEO Will Cheng. Officials from at least six other departments also got involved.
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Soon after the listing, the CAC announced an investigation into Didi and subsequently ordered the removal of its apps for download in China. Officials have launched a broad crackdown on private companies, including those in the tech sector, to control big data and break down monopolistic practices.īillionaires minted by high-profile listings, such as Didi's $4.4 billion debut, have fallen out of favor as President Xi Jinping warns against the country's vast income inequality.ĭidi ran afoul of the powerful Cyberspace Administration of China (CAC) when it pressed ahead with its debut on June 30, despite the regulator urging the company to put it on hold while it conducted a cybersecurity review of its data practices, according to people with knowledge of the matter. The benchmark S&P 500 index was recently off around 1.7% in a broader selloff fueled by worries over heavily indebted Chinese property company Evergrande.ĭidi, sometimes dubbed the Uber of China, has come under intense scrutiny since early July by Chinese authorities over its collection and use of personal data of users of its service, pricing mechanisms and competitive practices. Liu did not respond to Reuters request for comment sent via the company spokespersons.ĭidi’s shares were recently down nearly 5% in U.S. Reuters' rumors about management changes are untrue and unsubstantiated." Reuters was unable to learn further details, including whether Liu had submitted a formal resignation letter or set a date to leave.ĭidi said it is "actively and fully cooperating with the cybersecurity review. Some of those executives have since approached industry contacts for job leads, the source said.
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