China orders ride-hailing firms Didi, Meituan to stop 'disorderly expansion'China has in recent months tightened its scrutiny of its largest tech firms in sectors ranging from e-commerce to entertainmentBEIJING - Chinese regulators have summoned ride-hailing giant Didi Chuxing and ten other car platforms to demand they cease "disorderly expansion" and "vicious competition" tactics, the government said Thursday, amid a national crackdown on the tech industry. China has in recent months tightened its scrutiny of its largest tech firms in sectors ranging from e-commerce to entertainment, launching antitrust probes and rolling out strict regulation. The companies were ordered to investigate internal problems and "immediately rectify" poor behaviour, with regulators stressing that ride-hailing platforms must also reduce the cut they take from transactions and protect passengers' personal data. Regulators opened a cybersecurity probe into Didi the day after it raised more than $4.4 billion in a New York IPO, and are reportedly mulling a ban on overseas IPOs of tech firms handling large amounts of sensitive user data. The transport ministry on Thursday urged ride-hailing platforms to "maintain a fair competitive market environment" and promote the "healthy and sustainable development" of the industry.

Source: Bangkok Post September 02, 2021 04:52 UTC