Jean Qing Liu fell out of the billionaire club after a crackdown by the Chinese authorities.
The post Didi Global?s President, Jean Qing Liu Is No Longer a Billionaire appeared first on LUXUO.

Credit: Didi

China?s Didi Global saw a 27% plunge in its share prices yesterday and its president, Jean Qing Liu is no longer a billionaire. Her net worth now hovers around US$920 million from the 1.6% stake she has of the ride hailing company according to Forbes.

According to news sources such as Nikkei Asia, Didi?s drop comes after the announcement that the Cyberspace Administration of China (CAC) is probing into the company where it is cited to have breached data security. With this new probe, China has ordered Didi to stop accepting new sign ups and its app removed from the app stores.
Credit: Didi

In a press release on July 4, Didi said it will ?strive to rectify any problems, improve its risk prevention awareness and technological capabilities, protect users? privacy and data security, and continue to provide secure and convenient services to its users.? With over 493 million annual active users and overseeing more than 41 million average daily transactions, Didi is expected to suffer significant losses due to the takedown as most of its users are based in China.

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?This is the first high-profile use of China?s cybersecurity review mechanism. It also rais...