A trader works during the IPO for Chinese ride-hailing company Didi Global Inc on the New York Stock Exchange floor in New York City, N.Y., June 30, 2021. (Brendan McDermid/Reuters) In the case of Didi, the Party giveth and the Party taketh away.
NRPLUS MEMBER ARTICLE T wo days after Chinese ridesharing app Didi listed on the New York Stock Exchange — the second-largest Chinese IPO in history — regulators in Beijing announced an investigation into the company’s data-collection practices. Beijing’s cyberspace regulator ordered mobile providers to remove the app from their stores, alleging that the company violated user privacy. The news sent the stock down nearly 25 percent on Tuesday.
The latest move in a broad crackdown against the tech sector, the Didi saga underscores the precarious footing of Beijing’s tech giants. Ever since the Chinese Communist Party initiated an effort to spur “indigenous innovation” in the …
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