Didi Denies Reports That Beijing City Planning to Invest

Didi Global, the ride hailing giant under investigation by China’s regulators for cybersecurity violations, denied reports that the Beijing city government was coordinating efforts for state-owned enterprises to invest in it.

Last week, Bloomberg reported that companies owned by the city’s government were looking to take a stake in Didi and a board seat giving the state veto power over the company’s plans, similar to how China has taken stakes in social media giants ByteDance and Weibo.

Didi issued the denial on its Chinese official social media account Saturday. China’s regulators launched a cybersecurity investigation into Didi shortly after its New York initial public offering in June.