Didi says app removal may hurt revenue

Ride-hailing giant Didi Global says revenues could take a hit after a regulatory order that it be removed from app stores in China.

It comes as other recently U.S.-listed Chinese firms also found themselves the subject of cybersecurity investigations.

Sunday's (July 4) takedown order comes just two days after the regulator announced an investigation into the app.

And less than a week after the firm debuted on the New York Stock Exchange.

China has seen a widespread regulatory squeeze on domestic tech firms in recent months.

The country’s government has been focusing on anticompetitive behaviour and data security.

It began with the scuttling of a $37 billion listing planned by Alibaba affiliate Ant Group late last year.

App stores in China were ordered to stop offering Didi after finding that the company had illegally collected users' personal data.

But the removal does not affect existing users.

And analysts do not expect a major hit to earnings as Didi's existing user base in China is large.

Even so, Monday saw shares in the country’s tech firms tumble.

Social media giant Tencent fell more than 3.5%.

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