Chinese Regulators Go after Ride-Hailing Firms. Summons 11 Companies

Chinese Regulators Go after Ride-Hailing Firms. Summons 11 Companies

(Reuters) Didi Global Inc., Meituan, and Geely’s Caocao are among 11 ride-sharing firms summoned by Chinese regulators over market practices.

The regulators accuse the ride-hailing firms of hiring unqualified drivers and unfair use of promotions that disrupt market order.

The regulators have called upon the ride-hailing firms to comply with set rules and maintain data security.

Chinese regulators have in the past held talks with the ride-sharing firms on issues ranging from driver salaries and safety. Continued entanglement with the regulator saw China’s top ride-sharing firm Didi face a probe following its New York listing in June.

DIDI: NYSE is down -0.76% on premarket, 3690: HKG is up +0.079%.

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