Bank of China ride-hailing giant Didi fined $1.2bn after probe

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For violating its cyber security regulations, China has fined ride-hailing company Didi 8.026 billion yuan ($1.2bn; £990m).

The Cyberspace Administration of China (CAC) declared on Thursday that it had uncovered "conclusive evidence" against the business.

The agency said that it had started an investigation into Didi only days after the business launched its shares in the US last year.

Since that time, the New York Stock Exchange has stopped trading Didi's shares.

The CAC also stated it has levied fines of one million yuan each on Didi Global's chairman and chief executive Cheng Wei and president Liu Qing.

Didi responded by stating that it would "conduct comprehensive and in-depth self-examination" and that it accepted the decision.

The business posted on the Chinese social networking site Weibo, saying, "We will take this as a warning and devote equal attention to both security and development."

Didi experienced significant pressure following its launch on the US stock exchange in June of last year.

Beijing vowed a crackdown on technology companies listing overseas days after the initial public offering.

US stock exchange

Didi has intentions to leave the US stock exchange and relist its shares in Hong Kong public in December.

The firm has grown to be one of the most well-known targets of the Chinese government's strict policy against the sector.

Authorities have launched a broad crackdown on businesses, fining e-commerce major Alibaba a record amount and ordered tech giant Tencent to halt the release of new apps.

Days after the company pressed forward with its New York listing, purportedly against authorities' desires, it ordered Didi to be removed from app stores and opened an inquiry, citing data collection concerns.