China fines Didi Global $1.2 bln for violating data security laws

China's cybersecurity regulator said on Thursday it has fined ride hailing giant Didi Global Inc 8.026 billion yuan ($1.19 billion) following a more than year long investigation into the collection and use of its customer data.

The Cyberspace Administration of China (CAC) started its inquiry shortly after the company listed on June 30, 2021.

Didi ran afoul of the CAC when it pressed ahead with its U.S. IPO even though the regulator had urged the company to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters. ($1 = 6.7588 Chinese yuan renminbi)