Didi is everywhere in China. In the country's major cities, you're unlikely to find someone that hasn't hailed a ride through its platform. The company's popularity led the Uber-like taxi app to a much anticipated New York IPO on June 30. Didi raised a whopping $4.4 billion—the largest amount of any Chinese company going public in the US since 2014.

Then, Didi caught the attention of Chinese regulators.

For the first two days after going public, Didi’s stock performed well, rising more than 17% from its offering price. Then, the ride-hailer’s US debut took a jarring turn: China’s top internet regulator announced a cybersecurity investigation into the company.

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Qin Chen

Qin is a News Editor at TechNode. Previously, she was a reporter at Inkstone, a China-focused news site owned by the South China Morning Post. Before that, she worked in the United States for five years....

Louis Hinnant

Louis Hinnant is an intern at TechNode. He's currently covering cleantech and mobility.