Asian Tech Press (Mar. 11) -- Chinese ride-hailing giant DiDi Global Inc. (DIDI) is said to suspend its plan to list in Hong Kong due to cybersecurity review.

Didi has suspended preparations for its planned Hong Kong listing after failing to meet requests from Chinese regulators to overhaul its systems for handling sensitive user data, according to people familiar with the matter.

The people said the Cyberspace Administration of China (CAC) notified Didi executives that their proposals to prevent security and data leaks had not been met.

Didi's main apps, which was removed from local app stores last year, will remain suspended because the information is private, one of the people familiar with the matter said.

The people said Didi and its bankers have halted work on a Hong Kong IPO by way of introduction that was scheduled for around this summer.

In addition to handling the China Securities Regulatory Commission (CSRC)'s review, Didi is working to finalize its fourth-quarter earnings results required for a listing prospectus, they said.