China Widens Data-Security Probe of U.S.-Listed Tech Companies

Reviews observe an identical transfer in opposition to ride-hailing big Didi
Chinese regulators are focusing on two truck-hailing apps operated by Full Truck Alliance and a web based recruiting app owned by Kanzhun
A unit of China’s cybersecurity regulator launched data-security evaluations of apps operated by two U.S.-listed Chinese corporations, days after asserting an identical probe into ride-hailing big Didi Global Inc.

The newest motion targets two truck-hailing apps operated by Full Truck Alliance Co. and a web based recruiting app owned by Kanzhun Ltd. Both corporations went public within the U.S. in June. Like Didi, they had been ordered to cease including customers whereas the probes are performed.

On Monday, China’s Cybersecurity Review Office, which falls underneath the Cyberspace Administration of China, stated it had begun a data-security investigation into the apps Yunmanman, Huochebang and Boss Zhipin. It stated the evaluate is aimed toward stopping nationwide data-security dangers, sustaining nationwide safety and defending public pursuits.

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Shares in SoftBank Group Corp. , whose Vision Fund owns stakes in Didi Global and Full Truck Alliance, fell 5.3% in Monday buying and selling on the Tokyo Stock Exchange. The Hang Seng tech index, a gauge of Hong Kong-listed know-how shares that’s dominated by massive Chinese corporations resembling Tencent Holdings Ltd. , fell 1.8%.

Didi raised $4.4 billion in its preliminary public providing final week, whereas Full Truck Alliance raised $1.6 billion and Kanzhun raised $912 million earlier in June, in accordance with regulatory filings. Prices of their American depositary receipts all rose above their IPO costs upon their buying and selling debuts, although Didi’s New York-listed securities dropped 5.3percenton Friday after the latest regulatory motion.

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