China targets ride-hailing giant Didi in data crackdown after U.S. listing

The regulatory moves, which sent Didi shares tumbling, came as Beijing intensified its antitrust campaign against tech giants in recent months, including a record $2.75 billion fine against Alibaba in April. Under a new data security law that comes into effect in September, China plans to set up a “centralized, unified, efficient and authoritative” mechanism for information sharing and risk assessment.