Didi Global operates a major Beijing-based ride-hailing company known as Didi Chuxing. On July 2, 2021, China’s internet regulator, the Cyberspace Administration of China (CAC), announced that it had launched a cybersecurity review of the Didi, accusing the Company of illegally collecting user data. The regulator also ordered that the app be removed from Apple’s App Store. Didi will not be able to accept new client registrations until the investigation is complete. On this news, Didi shares declined 5.3% to close at $15.53 and following its initial public offering on June 30, 2021.