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EXPLAINER: Why China is investigating tech firms like Didi
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Chinese regulator targets US-listed tech firms
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Didi undoubtedly has the most detailed travel information on individuals among large Internet firms and appears to have the ability to conduct “big data analysis” of individual behaviours and habits, the Global Times wrote. To protect personal data as well as national security, China must be even stricter in its oversight of Didi’s data security, given that it’s listed in the US and its two largest shareholders are foreign companies, the newspaper added. Reuters
China expanded a cybersecurity probe beyond Didi Global Inc to include two other recent US debutantes, moving with surprising swiftness to tighten its control over Internet data in the interests of national security.
BEIJING (Bloomberg): Didi Global Inc’s hoard of personal data poses a threat to individual privacy as well as national security, the Global Times said in a commentary that lauded China’s scrutiny of the ride-hailing giant.
The firm undoubtedly has the most detailed travel information on individuals among large internet firms and appears to have the ability to conduct big data analysis” of individual behaviors and habits, the Communist Party-backed newspaper wrote Monday (July 5).
To protect personal data as well as national security, China must be even stricter in its oversight of Didi’s data security, given that it’s listed in the US and its two largest shareholders are foreign companies, it added.
The Cyberspace Administration of China (CAC) said the probe had been opened to prevent national data security risks as the crackdown on the country s technology sector continues.
Yunmanman and Huochebang, subsidiaries of the New York-listed Full Truck Alliance were two of the firms named by regulators. Boss Zhipin, an online recruitment platform backed by tech giant Tencent and listed on the Nasdaq, was also targeted by the CAC.
During the cybersecurity review, these companies are not allowed to register new users.
U.S. markets are closed Monday so the stocks will not reflect investor reaction until Tuesday.
Shares of major technology companies listed in Hong Kong including Tencent and Meituan were trading lower on Monday morning.
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