China's Latest Ride-Hailing Regulations Likely To Spell Trouble For DiDi, Alibaba - Alibaba Gr Holding (NYSE:BABA)

China's agencies, including the antitrust watchdog, transport ministry, and public security bureau, issued a standard package of rules to protect the rights of the millions of ride-hailing drivers, Bloomberg reports.
The agencies ordered DiDi Global Inc DIDI and its smaller rivals to strengthen social insurance for drivers while adopting "reasonable" commissions.
The agencies warned against using data to take advantage of consumers.
China will establish local-level supervisory offices staffed by personnel from multiple agencies before the year's end.
Beijing recently ordered DiDi to delist from the U.S., which carried on its June IPO amid regulatory objections.
Recently Alibaba Group Holding Ltd BABA ramped up ride-hailing investments.
Price Action: DIDI shares traded lower by 7.04% at $7.26 on the last check Tuesday.