Didi Global Inc. connected Friday denied a study by The Wall Street Journal that the ride-hailing work was considering buying backmost its U.S.-traded shares aft its June marketplace debut was disrupted by Chinese authorities orders to overhaul information security.
The Journal, citing unidentified sources, said buying backmost the shares was 1 enactment being considered by Didi and its bankers to resoluteness capitalist complaints. Didi's share price has fallen astir 25% since its June 30 debut aft the institution was blocked from adding caller customers portion it overhauled however it handled their information and regulators announced a reappraisal of company-wide web security.
"The institution affirms that the supra accusation is not true," Didi said connected its website. "The institution is afloat cooperating with the applicable authorities authorities successful China successful the cybersecurity reappraisal of the company."
The three-sentence connection gave nary accusation astir the information review, erstwhile mean cognition mightiness resume oregon imaginable options being considered successful effect to investors' complaints.
Didi, headquartered successful Beijing, raised astir $4.4 cardinal successful its banal offering.
It is 1 of a bid of Chinese companies deed by stepped-up enforcement of anti-monopoly, data security and different regulations.
Share prices of games and societal media relation Tencent Holding Ltd. and e-commerce platforms Alibaba Group and JD.com Inc. successful New York and Hong Kong besides person fallen.
China's cyberspace regulator said it recovered "serious violations" successful however Didi collected and stored idiosyncratic information. It said the company was to "rectify problems" but gave nary details. Didi was aboriginal ordered to region 25 of its apps from online stores.
Chinese authorities said this period they volition measurement up supervision of companies with shares traded connected overseas banal exchanges. It said that volition see oversight of cross-border information flows and absorption of confidential information.
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