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BY
Seneca ESG
- July 21, 2022
China’s Central Bank, the People’s Bank of China (PBoC), has imposed a RMB4.27m (USD632,170) fine on the digital payment arm of ride-hailing platform Didi Chuxing for a series of violations, as reported by Reuters on July 15. The company was involved in 12 illegal activities including uploading incorrect transaction information, violating the requirements for traceability and authenticity, opening payment accounts for enterprises involved in the financial industry, and failing to report significant risk events in time. This was not the first time the platform was faced with legal punishment. In August 2019, the company received a RMB5.5m (USD814,200) administrative penalty from Shanghai traffic law enforcement authorities for related violations.
Didi has lost four-fifths of its USD60bn market cap within a year after Didi’s controversial IPO in the US last June triggered Chinese regulators’ probe into the firm over data security concerns. Last year, the Cyberspace Administration of China (CAC) ordered app stores to remove 25 apps operated by Didi during the CAC’s investigation of the firm’s processing of customer data. Moreover, the CAC ordered the platform to stop registering new users due to concerns over public interest and national security. Under tough regulatory pressure, Didi stated this May that it volunteers to delist from the NYSE to cooperate with ongoing cybersecurity inspections and related rectification measures. According to Wall Street Journal on July 19, Didi is set to receive a penalty of over USD1.28bn by Chinese regulators for data breaches. People familiar with the matter claimed the fine will put an end to the crackdown on the ride-hailing enterprise.
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