Uber Applied sciences (NYSE:Uber) could also be affected by the Hong Kong authorities’s efforts to control ride-hailing platforms by licensing necessities and harder penalties for unlawful ride-hailing providers.
Notably, Hong Kong transport officers submitted a proposal to the legislature calling for for additional research of those suggestions. Officers additionally stated they’ll additional consider and finalize particulars equivalent to necessities for acquiring permits and the variety of autos that may function by the net platform. The federal government’s objective is to attain a “win-win” for the transport business and passengers by licensing and enhancing the standard of taxi providers. The authorities plan to finalize the legislative proposals someday in 2025.
Whereas Hong Kong’s taxi business has lengthy resisted on-line platforms equivalent to Uber, they’ve grow to be more and more common with shoppers. Nonetheless, in Hong Kong, it’s unlawful for personal automobile drivers to offer paid providers to clients with no license. Hong Kong police have arrested some Uber drivers suspected of driving with no license prior to now.
Uber Applied sciences (UBER) shares edge up 0.10% Buying and selling Monday afternoon.