Chinese ride-sharing giant, Didi Chuxing, launched on the New York Stock Exchange on June 30, quickly raising $4.4 billion-the largest initial public offering (IPO) of a Chinese company since Alibaba in 2014. But the launch apparently surprised Chinese regulators, who reportedly thought they had put the brakes on by warning the company not to move ahead with the IPO. When Didi’s stocks began trading as scheduled, Beijing reacted quickly, announcing that it was cracking down on the company’s cybersecurity practices and prohibiting the company from accepting any new users in its mostly China-based market. The Financial Times reported on Thursday that Keep, a Chinese sports-oriented social platform, and Ximalaya, the largest podcast platform in China, have both cancelled previous IPO plans in the United States during recent weeks. New Chinese regulations rolled out in the wake of Didi’s disastrous launch mandate cybersecurity reviews to ensure the safety of user data before Chinese tech companies will be allowed to go public overseas. HONG KONG, Sept 20 Didi Global Inc co-founder and President Jean Liu has told some close associates that she intends to step down, two sources familiar with the matter said, as the Chinese ride-hailing giant faces intense regulatory scrutiny following its New York listing earlier this year. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for. On July 2, the Cyberspace Administration of China announced that it was placing Didi under investigation over data security concerns and ordered app stores to remove Didi, preventing the company from acquiring new users. sources didi chinabased keep ximalaya linkdoc. After the measures were announced, the company’s freshly issued stock tumbled more than 30 percent in four days. Didi indicated that it had no knowledge that such a crackdown was coming.Ĭommentators believe this is a strong signal of China’s intent to “discourage listings of Chinese tech companies in the United States,” which some see as “the last brick of the digital Berlin Wall” separating the Chinese internet from the global internet.
The State Council also announced a set of new cross-border data security regulations.
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