Didi Denies Reports That China Is Coordinating Companies to Invest in It

China’s experience hailing large Didi Global mentioned on Saturday that media stories that the Beijing metropolis authorities is coordinating corporations to put money into it usually are not right.

“Didi is currently actively and fully cooperating with cybersecurity probe, foreign media reports that Beijing city government is coordinating companies to invest in it are incorrect,” it mentioned on Weibo.

Bloomberg News reported on Friday, citing unidentified folks aware of the matter, that China’s capital metropolis was contemplating taking Didi beneath state management and had proposed that government-run corporations put money into it.

Under the preliminary proposal, some Beijing-based corporations together with Shouqi Group, a part of the state-owned Beijing Tourism Group, would purchase a stake in Didi, Bloomberg reported.

Beijing-based Didi faces a cybersecurity investigation by Chinese authorities after its New York preliminary public providing in June. Chinese authorities have stepped up their regulation of know-how corporations previously 12 months to enhance market competitors, information dealing with and their remedy of workers.

Didi is managed by the administration crew of co-founder Will Cheng and President Jean Liu. SoftBank Group, Uber Technologies, and Alibaba are amongst buyers within the firm.

© Thomson Reuters 2021