Why DiDi Global Shares Are Trading Higher Today - DiDi Global (OTC:DIDIY)

Chinese authorities braced to conclude a yearlong probe into DiDi Global Inc's DIDIY cybersecurity practices by imposing a penalty of over $1 billion, the Wall Street Journal reports.
China looks to ease an earlier restriction banning Didi from adding new users to its platform and allow the Beijing-based technology company's mobile apps to be restored to domestic app stores once the penalty is declared.
The penalty will also pave the way for Didi, boasting of tens of millions of monthly users in China, to kick-start a new share listing in Hong Kong.
The penalty would account for ~4% of Didi's $27.3 billion total sales in 2021.
In 2021, Didi became a high-profile Chinese government target, with shares plunging over 80% from their listing price following a data-security investigation into the company.
The probe came just days after the company's US IPO in June 2021.
China also ordered app stores in the country to remove Didi's mobile apps.
Didi was delisted from the US exchange in June 2022 to resolve its impending cybersecurity investigation.
DiDi reportedly ignored cybersecurity regulators' advice to delay its US listing over concerns that the public share offering documents containing sensitive information and data.
China unleashed an intense crackdown on the domestic tech sector triggered by the botched IPO of Alibaba Group Holding Limited BABA fintech affiliate Ant and extended across the industry.
Price Action: DIDIY shares traded higher by 6.83% at $3.13 on the last check Tuesday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

DiDi Nears Regulatory Settlement After Year Long Battle; Is This Good News For Other China's Tech Stocks?