Ride-hailing giant Didi received approval to resume new user registration in China, it said Monday, providing more evidence that Beijing’s regulatory crackdown on tech giants might be coming to an end. The move is the latest sign that regulators are loosening the reins on the country’s beleaguered tech companies in a bid to spur economic growth.
The regulatory actions wiped tens of billions of dollars from Didi’s market capitalization and hit its domestic business. Under pressure from Beijing, Didi announced in late 2021 that it would start the process of delisting from the New York Stock Exchange and pivot to Hong Kong. Last July, China’s cyberspace regulator fined Didi just over 8 billion yuan for violating cybersecurity and data laws.
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