Chinese regulators send on-site teams to Didi for cybersecurity review

Photo by Bruce Röttgers on Unsplash

The Cyberspace Administration of China (CAC) said on Friday that officials from at least seven departments sent on-site teams to conduct a cybersecurity review of ride-hailing giant Didi Global Inc.

The regulators include the CAC, Ministry of Public Security, Ministry of State Security, Ministry of Transport, Ministry of Natural Resources, State Taxation Administration and State Administration for Market Regulation, according to the statement.

CAC did not offer more details in its statement, but the involvement of several government agencies shows the heavier regulatory pressure on the nine-year-old company.

China is in the process of revamping its policy towards privacy and data security. It is drafting a Personal Information Protection Law, which calls for tech platforms to impose stricter measures to ensure secure storage of user data.

In September, China is set to implement its Data Security Law, which requires companies that process “critical data” to conduct risk assessments and submit reports. It also calls on organisations that process data affecting China’s national security to submit to annual reviews.

CAC launched the data-related cybersecurity investigation into Didi just two days after it raised $4.4 billion from its New York initial public offering, citing the need to protect national security and the public interest. Regulators also ordered Didi to remove its apps in China which Didi said might hurt its revenue.

Didi, which currently has a market capitalisation of $60 billion, did not immediately respond to a request for comment on CAC’s new statement. It earlier said it stores all China user and road data in China.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.