Day: August 11, 2021

Advertisement As if the existing tech crackdown wasn’t sufficient, China just rolled out an internet insurance rectification plan, which seeks to force insurtech companies into regulatory compliance. Insurance companies have very little time in order to meet the requirements. What is the new rule all about? On August 11, the China Banking and Insurance Regulatory Commission (CBIRC) stated that it will launch a special rectification of internet insurance chaos, requiring insurance technology companies to end bad practices such as improper marketing and pricing practices and strengthen user privacy protection. The “Notice…

Advertisement On July 2, 2021, just one day after Xi Jinping celebrated the centenary of the Chinese Communist Party (CCP), the Chinese government abruptly announced a cybersecurity review over DiDi. As the most popular ride-hailing company in China, which offers daily service to 550 million users through an app, DiDi had a low-key IPO in the United States only days earlier. The review included extremely harsh measures such as banning DiDi from adding new users. Afterward the stock price of DiDi tumbled.  Dramatic as it may seem, the DiDi episode…

In a statement published on Wednesday, the Dandong court said: “For the crime of spying and illegal provision of state secrets abroad [Spavor] has been sentenced to 11 years in jail, confiscation of 50,000 yuan ($7,715: £5,578) worth of personal property and deportation.” BBC