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China suppresses major U.S. listed companies

After its leading ride-hailing platform Didi was banned, Chinese authorities have begun investigating three major technical services. This marks China’s latest attempt to combat national data security, and its latest frontier is privacy and network security.

On Monday, China’s cybersecurity regulator announced an investigation into the major truck-hailing platforms Yunmanman and Truck Gang, and China’s largest online recruitment site Boss Zhipin. During the investigation, new users were unable to register for these three apps and Didi.

In 2017, Yunmanman merged with the train gang to form the all-car alliance (YMM), the company was listed on the New York Stock Exchange on June 22 and is currently valued at US$21 billion. Boss Zhipin’s parent company has been spotted (Baoze), listed on June 11, with a market value of nearly US$15 billion.

The US market is closed on Monday for Independence Day.

Officials stated in the announcement of the investigation of these companies that under Chinese law, cyber security review is a national security issue. However, Beijing did not specify which security and privacy issues led regulators to take action on these software platforms.

The Cyber ​​Security Review Office stated in a statement that the investigation is a measure to “prevent national data security risks, maintain national security, and protect the public interest.”

The All Trucks Alliance said in a statement that it will actively cooperate with the investigation and conduct a thorough inspection of its cyber security.

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