China said to mull serious penalties for Didi after market debut

China said to mull serious penalties for Didi after market debut

FILE PHOTO: The logo of Didi Chuxing is seen at its headquarters in Beijing, China, May 18, 2016. Reuters

Chinese regulators are considering serious penalties for Didi Global Inc after the ride-hailing giant’s New York initial public offering last month, Bloomberg News reported on Thursday.

Regulators view Didi‘s decision to go public despite pushback from the Cyberspace Administration of China (CAC) as a challenge to Beijing’s authority, the report quoted sources as saying.

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