On July 2 the Cyberspace Administration of China (CAC) said that it had launched an investigation into the company, promptly shaving 5 per cent off its share price. It noted that it shares personal data with third parties, where allowed. For online payments groups such as Ant, personal financial data are a valuable component in determining creditworthiness. The government’s plans to take control of personal data are expected to touch all of China’s internet giants. Didi’s Cheng has not made a peep since his ride-hailing app was expelled from app stores.

Source: Stuff July 06, 2021 20:48 UTC