Budget 2018-19

  China’s biggest ride-hailing firm Didi Global Inc said on Sunday removal of its ‘DiDi Chuxing’ app from smartphone app stores in China is expected to have an adverse impact on its revenue in China (Reuters) – China’s biggest ride-hailing firm Didi Global Inc said on Sunday removal of its “DiDi Chuxing” app from smartphone app stores in China is expected to have an adverse impact on its revenue in China. Earlier on Sunday, China’s cyberspace regulator ordered app stores to stop offering Didi’s app after finding that the company had illegally collected users’ personal data. “The Company expects that the app takedown may have an adverse impact on its revenue in China,” the company said in a statement.In its filing from June,  Didi  reported revenue of about 42.2 billion yuan ($6.52 billion) for the three months ended March 31. Of that, 39.2 billion yuan came from China mobility division while about 800 million yuan came from international business. Didi has a dominant posi...

Current half-bn users can order rides if they downloaded the app before Sunday China’s cyberspace regulator ordered app stores to remove Didi Chuxing, dealing a major blow to a ride-hailing giant that just days ago pulled off one of the largest US initial public offerings (IPOs) of the past decade. The Cyberspace Administration of China announced the ban Sunday, citing serious violations on Didi Global’s collection and usage of personal information, without elaborating. That unusually swift decision came two days after the regulator said it was starting a cybersecurity review of the company. That effectively requires the largest app stores in China, operated by the likes of Apple and smartphone makers Huawei Technologies and Xiaomi, to strike  Didi App  from their offerings. But the current half-billion or so users can continue to order up rides and other services so long as they downloaded the app before Sunday’s order. The surprise probe and rapid decision by China’s po...