Didi Global Inc (NYSE:DIDI), the Chinese ride-hailing company, has suspended plans to launch in the UK and Europe as the Uber rival faces a regulatory crackdown at home.
According to a report in the Telegraph, the launch plans have been put on hold for at least a year and staff working on the launch have been told that they face possible redundancy.
Didi had secured licences to operate in Manchester, Salford and Sheffield as part of its UK plans, the Guardian reported.
Didi listed in New York in June after raising US$4.4bn in an initial public offering.
The ride-hailing company is under a cybersecurity review in China as Chinese authorities revamp their privacy and data security regulations to ensure secure storage of user data.
Chinese companies are seeing pressure from two sides, with stricter disclosure requirements in the US and a regulatory crackdown on tech companies in China.
The US Securities and Exchange Commission (SEC) has started to issue new disclosure requirements to Chinese companies planning to list in New York, Reuters reported. It said some Chinese companies have started to receive detailed instructions from the SEC about greater disclosure of their use of offshore vehicles.