China's Didi App Facing Record Fine, Weeks After US Listing: Report

Chinese regulators could hit ride-hailing app Didi with severe punishment, a report said. Beijing: Chinese regulators could hit ride-hailing giant Didi Chuxing with a more severe punishment than Alibaba’s record fine, just weeks after its contentious New York initial public offering, a report said. Despite pushback from China against the move, Didi on June 30 went ahead with its debut in New York, surging 10 percent. However, just days later Beijing announced a probe into the company citing cybersecurity concerns, and ordered its app be removed from stores. The move sent the firm’s shares plummeting and raised concerns about its…