China fines Didi $1.2 billion for illegally collecting users' data

China fined Didi Global Inc. more than 8 billion yuan ($1.2 billion), wrapping up a year-long probe into the ride-hailing giant that’s come to symbolize Beijing’s bruising campaign to rein in its powerful internet industry.

Regulators also fined Didi Chairman Cheng Wei and President Jean Liu 1 million yuan apiece, the Cyberspace Administration of China said in a statement. Didi was found to have violated three laws, and those illegal operations threatened national security, the internet overseer said.

The long-awaited decision on Didi -- which pushed ahead with a $4.4 billion U.S. initial public offering in June 2021 against Beijing’s wishes --