![]() In April, SAMR imposed a $2.75 billion fine on Alibaba, a record for the agency. In recent months China has sought to curb the economic and social power of its once loosely regulated internet giants, a clampdown backed by President Xi Jinping. ![]() The company now employs about 13 million annual active drivers in China, according to its prospectus. ![]() One of the sources said Didi believed pricing and unfair competition would be viewed as relatively minor offences, which had given the company enough confidence to move ahead with plans for the IPO.ĭidi is also highlighting its creation of jobs to regulators, a key factor that could merit a more lenient attitude from Beijing, the source said. The impact of the probe on the company's IPO, expected to be the biggest Chinese IPO in New York since Alibaba's $25 billion float in 2014, remains to be seen. Two of the sources familiar with the situation said that the probe by the markets regulator was in the initial stages, and that the regulator was yet to give the company detailed instructions. It warned that regulatory bodies might not be satisfied with the inspection results and the firm may be subject to potential penalties. The companies were asked to identify and correct possible violations of antimonopoly, anti-unfair competition, tax and other related laws and regulations, Didi said in the filing.ĭidi said it had completed the self-inspection and the "relevant governmental authorities have conducted onsite inspections". The regulators asked the companies to conduct a "self-inspection" and submit compliance commitments, it said. In its IPO prospectus made public last week, Didi disclosed that it and more than 30 other Chinese internet companies had met with regulators, including the SAMR, in April. SAMR did not respond to requests for comment. "We do not comment on unsubstantiated speculation from unnamed source(s)," Didi said in an emailed statement. ![]() The regulator is also examining whether the pricing mechanism used by Didi's core ride-hailing business is transparent enough, the three sources said. ![]()
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