Didi denies reports that China is coordinating companies to invest in it

Chinese giant Didi Global said on Saturday that media reports that the Beijing city government is coordinating companies to invest in it are not accurate.

“Didi is currently actively and fully cooperating with the cybersecurity investigation. Foreign media reports that the Beijing city government is coordinating companies to invest in it are incorrect,” the document said on Weibo.

Bloomberg News reported on Friday, citing unidentified people familiar with the matter, that China’s capital was considering taking Didi under state control and proposed that state-owned companies invest in it.

Under the preliminary proposal, some Beijing-based companies, including the Shouqi Group, part of the state-owned Beijing Tourism Group, would acquire a stake in Didi, Bloomberg reported.

Beijing’s Didi faces a cybersecurity investigation by Chinese authorities after his initial public offering in New York in June. Chinese authorities tightened regulation of technology companies last year to improve market competition, data handling and employee treatment.

Didi is controlled by the management team of co-founder Will Cheng and President Jean Liu. SoftBank Group, Uber Technologies and Alibaba are among the company’s investors.

© Thomson Reuters 2021


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