September 16, 2021
Technology

Beijing city looks to take Didi under state control, Bloomberg News reports

Sept 3 (Reuters) – Beijing city is considering taking Didi Global (DIDI.N) under state control and has proposed that government-run firms invest in the Chinese ride-hailing company, Bloomberg News reported.

The central thrust of the Beijing city government’s proposal is to regain control over one of its largest corporations, and particularly the data it holds, Friday’s Bloomberg report said.

Chinese authorities have stepped up their regulation of technology firms in the past year in an effort to improve market competition, data handling and their treatment of employees.

Under the preliminary proposal, some Beijing-based companies including Shouqi Group, part of the state-owned Beijing Tourism Group, would acquire a stake in Didi, Bloomberg reported, citing unidentified people familiar with the matter.

Other scenarios being considered include the consortium taking a nominal share…

Read full article here: www.reuters.com