China probes Didi Chuxing for antitrust violations ahead of US IPO

Hong Kong: China’s markets regulator has begun an antitrust probe into Didi Chuxing, three people with knowledge of the matter said, just as the ride-hailing giant is pushing ahead with what could be the largest initial public offering (IPO) in the United States this year.

The investigation is in the initial stages, two of the three people said, adding that the regulator is yet to give the company detailed instructions. This is the latest in a sweeping crackdown on China’s so-called “platform” companies, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd.