China tech crackdown wipes out billions from Didi, other U.S.-listed firms
3 years, 5 months ago

China tech crackdown wipes out billions from Didi, other U.S.-listed firms

The Hindu  

Didi Global Inc shares slumped as much as 25% in U.S. pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered the company's app be taken down days after its $4.4billion listing on the New York Stock Exchange. Other U.S.-listed Chinese companies including Full Truck Alliance and Kanzhun Ltd were also set to open lower on Tuesday after the CAC on Monday announced cybersecurity investigations into their affiliated companies. "Didi's app ban will hurt its user growth and at the same time, the existing users of Didi's app will also have a certain level of reservation over using the company's app due to fear of compromising their personal data," Shifara Samsudeen, LightStream Research analyst who also writes on Smartkarma, said. CAC said it had ordered app stores to stop offering Didi's app after finding that the company had illegally collected users' personal data.

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History of this topic

China’s Didi bounces back from losses caused by Beijing’s crackdown on internet services as it prepares IPO in Hong Kong
4 months ago

China’s Didi bounces back from losses caused by Beijing’s crackdown on internet services as it prepares IPO in Hong Kong

Live Mint  

- Didi Global Inc. swung to a profit in the June quarter, a welcome boost for the company as it prepares for a potential re-listing in Hong Kong. China’s leading ride-hailing provider reported a net profit of 1.4 billion yuan, from a small loss a year earlier. Once hailed as a national champion that defeated Uber Technologies Inc. in China, …

Didi Global plans to list on Hong Kong stock exchange in 2024: Bloomberg
1 year, 2 months ago

Didi Global plans to list on Hong Kong stock exchange in 2024: Bloomberg

Live Mint  

Didi global news: Didi Global Inc, the largest ride-hailing business in China, plans to list on the Hong Kong stock exchange in the upcoming year. Any fresh listing would require approval from Chinese authorities, which compelled Didi to delist following its IPO on the fresh New York Stock Exchange last year, said Bloomberg in its news report. This move is …

Banned or not? Why there is confusion over restrictions on iPhone use in China
1 year, 3 months ago

Banned or not? Why there is confusion over restrictions on iPhone use in China

Firstpost  

China has denied issuing any ban on the ‘purchase or use’ of Apple’s iPhones. The remarks by its foreign ministry spokesperson come after multiple media reports said last week that staffers at central government agencies have been forbidden to use the smartphone at the workplace China has denied banning Apple’s iPhones for government staff at work. “China has not issued …

India not planning to ban Chinese smartphones priced at less than ₹12k: Report
2 years, 4 months ago

India not planning to ban Chinese smartphones priced at less than ₹12k: Report

Hindustan Times  

Amid speculations that the Union government is planning to ban Chinese firms from selling in India smartphones that cost less than ₹12,000, top government officials, responding to reports in this regard, have said that the Centre, in fact, has no plan to restrict companies from the neighbouring country from the entry-level smartphone market. Companies from the world's second-largest economy dominate …

China’s Didi Global fined $1.7 billion for 'serious' personal information protection violations
2 years, 5 months ago

China’s Didi Global fined $1.7 billion for 'serious' personal information protection violations

ABC  

China's cybersecurity regulator has fined ride-share company Didi 8 billion yuan, ending a probe that forced it to delist from the New York Stock Exchange after a year in operation, sending foreign investors a warning about China's tech sector. Key points: Didi raised alarms going ahead with a US stock exchange listing, despite being urged to wait while a cybersecurity …

Chinas said to fine Didi more than $1 billion for data breaches
2 years, 5 months ago

Chinas said to fine Didi more than $1 billion for data breaches

The Hindu  

Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global, people familiar with the matter said on Tuesday, a move that could bring an end to a probe into the firm's cybersecurity practices. The people said the fine would be more than 8 billion yuan, accounting for about 4.7% of Didi's $27.3 …

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon
2 years, 6 months ago

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon

CNN  

Hong Kong CNN Business — Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. The gains followed a strong session for Chinese stocks on Wall Street on Monday,when the Nasdaq Golden Dragon China Index soared 5.4%. “The headline sparked speculation that Beijing was ending the …

Didi’s disastrous foray onto Wall Street is over
2 years, 7 months ago

Didi’s disastrous foray onto Wall Street is over

CNN  

Hong Kong CNN Business — Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the country, and initiated a cybersecurity …

Didi is facing an SEC probe into its botched IPO, company says
2 years, 7 months ago

Didi is facing an SEC probe into its botched IPO, company says

CNN  

Hong Kong CNN Business — Didi says it is facing an investigation by US regulators into its botched IPO last year. The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, “subject to strict compliance with applicable laws and regulations.” “We …

Shares plunge as fears grow over impact of China’s draconian Covid lockdown
2 years, 7 months ago

Shares plunge as fears grow over impact of China’s draconian Covid lockdown

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Down but not out: China’s Alibaba looks towards challenging 2022
2 years, 11 months ago

Down but not out: China’s Alibaba looks towards challenging 2022

Al Jazeera  

Chinese tech giant’s deep pockets and ability to adapt are seen as key to weathering the tough year ahead. With such a difficult environment persisting into the New Year, Alibaba, which has been described as China’s answer to Amazon, faces a potentially challenging 2022 – although analysts count the firm’s deep pockets and ability to adapt to the vast Chinese …

China’s year of crackdowns: Party first, business second
2 years, 11 months ago

China’s year of crackdowns: Party first, business second

Al Jazeera  

Beijing’s crackdown on real estate, tech and education has made it clear it dictates the terms to private businesses. “Where companies are not seen doing that, they will face swift regulatory action.” Kyle Jaros, associate professor of global affairs at the University of Notre Dame, told Al Jazeera the Chinese Communist Party had made it clear the “party-state can dictate …

Didi departure from NYSE marks end of Wall Street romance with Chinese big tech
3 years ago

Didi departure from NYSE marks end of Wall Street romance with Chinese big tech

Hindustan Times  

The Chinese ride-hailing giant Didi Chuxing's announcement that it will delist its shares from the New York Stock Exchange marks the end of a cushy relationship between Wall Street and Chinese tech giants, who are under siege from authorities in Beijing and regulators in America. An American flag is pictured in front of the logo for Chinese ride hailing company …

Premarket: Didi’s delisting could spell the end for Chinese stocks on Wall Street
3 years ago

Premarket: Didi’s delisting could spell the end for Chinese stocks on Wall Street

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. “Didi’s repatriation to is a significantly worrying indicator for the larger US-Sino economic relationship,” Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong, told me. “Beijing essentially forced Didi’s hand.” Shortly after its $4.4 billion initial public offering in the United States in late …

'Banned Chinese Apps, Not Sale On Another Platform': Centre Tells Delhi High Court In Plea Against Sale Of Shein Products On Amazon
3 years, 2 months ago

'Banned Chinese Apps, Not Sale On Another Platform': Centre Tells Delhi High Court In Plea Against Sale Of Shein Products On Amazon

Live Law  

The Central Government has informed the Delhi High Court that its order banning the use of 59 Chinese mobile applications amid security concerns does not preclude the companies from selling their products in India through another e-commerce platform.The development comes by way of an affidavit filed by the Centre before a Bench of Chief Justice DN Patel and Justice Jyoti …

This is How India Can Block Back Door Entry of Chinese Apps
3 years, 3 months ago

This is How India Can Block Back Door Entry of Chinese Apps

News 18  

The Government of India in June 2020 blocked 59 apps, developed and owned by Chinese companies. The Chinese themselves protect their domestic market by putting severe restrictions on how much foreign-owned tech companies can operate in China and what kind of data can be collected by them. The Wall Street Journal in August reported that Chinese regulators are considering a …

China plans to ban US IPOs for data-heavy tech firms
3 years, 3 months ago

China plans to ban US IPOs for data-heavy tech firms

Live Mint  

China plans to propose new rules that would ban companies with large amounts of sensitive consumer data from going public in the U.S., people familiar with the matter said, a move that is likely to thwart the ambitions of the country’s tech firms to list abroad. In recent weeks, officials from China’s stock regulator have told some companies and international …

SEC temporarily halts approvals of new Chinese IPOs after Didi debacle
3 years, 4 months ago

SEC temporarily halts approvals of new Chinese IPOs after Didi debacle

CNN  

New York CNN Business — The Securities and Exchange Commission has told its staff to ask for more disclosures from Chinese companies seeking to go public in the United States before it will approve any plans for them to sell shares. The announcement Friday, first reported by Reuters, shows regulators are taking a much more cautious stance on Chinese companies …

China Cracks Down On Its Tech Giants. Sound Familiar?
3 years, 4 months ago

China Cracks Down On Its Tech Giants. Sound Familiar?

Wired  

China’s Ministry of Industry and Information Technology announced a six-month campaign on Monday to regulate internet companies, particularly practices that “disrupt market order, damage consumer rights, or threaten data security.” That followed repeated fines against tech giants including Alibaba, Baidu, and Tencent for violating antitrust laws, and a new plan to restrict overseas listings by Chinese companies. Citing “serious violations …

Beijing calls for calm after historic tech stock rout
3 years, 4 months ago

Beijing calls for calm after historic tech stock rout

CNN  

Hong Kong CNN Business — Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value. Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the “changes in policy for certain industries” after a market rout on Monday and Tuesday that came …

China announces on-site Didi cybersecurity investigation
3 years, 5 months ago

China announces on-site Didi cybersecurity investigation

Associated Press  

BEIJING — China’s cyber-watchdog on Friday announced an on-site cybersecurity investigation of ride-hailing service Didi, stepping up scrutiny after earlier criticism of its handling of customer information caused the company’s New York-traded shares to tumble. The on-site inspection comes two weeks after the regulator said it would probe the ride-hailing company over concerns about national security and data security. According …

Didi | A bump in the road
3 years, 5 months ago

Didi | A bump in the road

The Hindu  

What was meant to be a moment of pride for one of China’s Internet giants turned, in a matter of days, into an epic car-crash. On June 30, the ride-hailing app Didi, which dominates the China market, raised $4.4 billion in its much anticipated listing on the New York Stock Exchange, the biggest Chinese listing since Alibaba raised a record …

The SEC should investigate the Didi IPO fiasco, Senator Van Hollen says
3 years, 5 months ago

The SEC should investigate the Didi IPO fiasco, Senator Van Hollen says

CNN  

New York CNN Business — Democratic Senator Chris Van Hollen called on US financial regulators to probe the disastrous IPO of Chinese ride-hailing company Didi. “The SEC should thoroughly investigate this incident to see if investors were intentionally misled by Didi’s public disclosures,” Van Hollen told CNN Business in a statement. “American investors need confidence that the companies that list …

Didi, Alibaba, Tencent stocks roiled by worsening crackdown
3 years, 5 months ago

Didi, Alibaba, Tencent stocks roiled by worsening crackdown

CNN  

Hong Kong CNN Business — China is not slowing down with its historic tech crackdown. A bunch of antitrust fines The latest concerns unfolded Wednesday when China’s antitrust regulator fined several internet companies — including Didi, Alibaba and Tencent — over accusations that they violated thecountry’sAnti-Monopoly Law while making mergers or acquisitions over the last 10 years, according to the …

U.S. IPO market a danger zone for Chinese firms after Beijing crackdown
3 years, 5 months ago

U.S. IPO market a danger zone for Chinese firms after Beijing crackdown

The Hindu  

China's stepped-up scrutiny of overseas listings by its companies and a clampdown on ride-hailing giant Didi Global Inc soon after its debut in New York have darkened the outlook for listings in the United States, bankers and investors said. The broader regulatory clampdown and Didi's listing dust up drove the S&P/BNY Mellon China Select ADR Index, which tracks the American …

Premarket stocks: Didi’s IPO was a disaster. Here’s why Chinese companies keep listing in the US
3 years, 5 months ago

Premarket stocks: Didi’s IPO was a disaster. Here’s why Chinese companies keep listing in the US

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. It’s also bad for the New York Stock Exchange, which has been caught up in a campaign by US politicians who want to prevent Chinese companies from raising money in New York. “Even if the stock rebounds, American investors still have no insight into the company’s …

EXPLAINER: Why China is investigating tech firms like Didi
3 years, 5 months ago

EXPLAINER: Why China is investigating tech firms like Didi

Associated Press  

HONG KONG — Chinese regulators have clamped down on the country’s largest ride-hailing app, Didi Global Inc., days after its shares began trading in New York. WHY DIDI IS IN TROUBLE China’s cyberspace watchdog said it suspects Didi was involved in illegal collection and use of personal data. Full Truck Alliance, which operates the Huochebang and Yunmanman platforms, and Kanzhun …

China tech crackdown wipes out billions from Didi, other US-listed firms
3 years, 5 months ago

China tech crackdown wipes out billions from Didi, other US-listed firms

Live Mint  

Didi Global Inc shares slumped as much as 25% in U.S. pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered the company's app be taken down days after its $4.4 billion listing on the New York Stock Exchange. Other U.S.-listed Chinese companies including Full Truck Alliance and Kanzhun Ltd were also set to open lower on …

Why China’s largest ride-hailing app under probe?
3 years, 5 months ago

Why China’s largest ride-hailing app under probe?

The Hindu  

China on Monday banned app stores in the country from listing ride-hailing company Didi Global Inc.’s app, stating that it has made serious violations of data collection and protection laws. Didi is China’s largest ride-hailing company with a market capitalisation of about $74.5 billion. China's antitrust regulator is also set to formally block Tencent Holdings Ltd's plan to merge the …

EXPLAINER: Why China is investigating tech firms like Didi
3 years, 5 months ago

EXPLAINER: Why China is investigating tech firms like Didi

Associated Press  

HONG KONG — Chinese regulators have clamped down on the country’s largest ride-hailing app, Didi Global Inc., days after its shares began trading in New York. The state-owned newspaper Global Times said in an editorial Monday that Didi has the “most detailed personal travel information” of users among all large technology firms. Full Truck Alliance, which operates the Huochebang and …

Didi shares crash after China bans it from app stores
3 years, 5 months ago

Didi shares crash after China bans it from app stores

CNN  

Hong Kong CNN Business — Didi shares plunged almost 20%Tuesday in New York as fallout continued over news of the company’s troubles in China. Tuesday wasthe first trading day in the United States since Chinese regulators banned Didi’s ride-hailing platform from app stores in the country over the weekend. China will begin regulating what kind of information those tech companies …

Didi says app takedown may hit revenue, other U.S.-listed Chinese firms probed
3 years, 5 months ago

Didi says app takedown may hit revenue, other U.S.-listed Chinese firms probed

The Hindu  

Ride-hailing giant Didi Global Inc said a regulatory order that its app be removed from app stores in China could hurt revenue, while other newly U.S.-listed Chinese firms also found themselves the subject of cybersecurity investigations. The CAC's move also comes amid a widespread regulatory squeeze on Chinese tech firms that began with the scuttling of a $37 billion listing …

China suspends registrations of new Didi users, citing cybersecurity review
3 years, 5 months ago

China suspends registrations of new Didi users, citing cybersecurity review

CNN  

CNN Business — Didi’s stock tumbled Friday after China’s Cyberspace Administration suspended the registration of new users from the company. China put the suspension in place “to prevent the expansion of risk” during a “cybersecurity review” into the company, according to a statement from the country’s cyberspace administration. A crackdown on Big Tech Didi’s debut on the NYSE and the …

Didi shares gain 1% after early jump in Wall Street debut
3 years, 5 months ago

Didi shares gain 1% after early jump in Wall Street debut

Associated Press  

BEIJING — Didi Global Inc., a Chinese ride-hailing service, gained 1% Wednesday in its highly anticipated U.S. stock market debut, giving up most of a early double-digit gain. Didi’s U.S. market debut comes a day after the company said it lost $5.5 billion over the past three years, though the company also touted its global reach and investments in developing …

Didi stock closes 1% above IPO price in blockbuster US launch
3 years, 5 months ago

Didi stock closes 1% above IPO price in blockbuster US launch

CNN  

Hong Kong CNN Business — Didi went public Wednesday in the biggest US share offering by a Chinese company since Alibaba debuted in 2014. Didi raised $4.4 billion from the stock sale, making it the largest Chinese IPO in the United States since Alibaba’s $25 billion offering in 2014, according to Dealogic. The company was founded in Beijing in 2012 …

Didi IPO: Chinese ride-hailing giant files for US IPO
3 years, 6 months ago

Didi IPO: Chinese ride-hailing giant files for US IPO

CNN  

New York / Hong Kong / New Delhi CNN Business — Didi, China’s giant ride-hailing company, filed paperwork for an initial public offering in the United States with the Securities and Exchange Commission on Thursday. Didi acknowledged the risks in its prospectus, writing that there have been “heightened tensions in international economic relations.” It mentioned US-China disputes on trade, Covid-19 …

Biden widens list of Chinese firms off-limits for investment
3 years, 6 months ago

Biden widens list of Chinese firms off-limits for investment

Associated Press  

China vehemently objected Friday to U.S. President Joe Biden’s expansion of a list of Chinese companies whose shares are off-limits to American investors because of their purported links to the Chinese military and surveillance. It is the latest indication that Biden has not softened Washington’s stance on alleged security risks from companies U.S. officials say are linked to the Chinese …

Biden widens list of Chinese firms off-limits for investment
3 years, 6 months ago

Biden widens list of Chinese firms off-limits for investment

India TV News  

President Joe Biden has nearly doubled the list of Chinese companies whose shares are off-limits to US investors in the latest sign he is not softening Washington's stance toward Beijing. An executive order issued late Thursday says it aims to “solidify and strengthen” an order signed last year by his predecessor Donald Trump by strengthening controls on investments in Chinese …

China authorities name 105 apps for improper data practices
3 years, 7 months ago

China authorities name 105 apps for improper data practices

Associated Press  

HONG KONG — China’s internet watchdog said Friday it had found Bytedance’s Douyin, Microsoft Bing, LinkedIn and 102 other apps were engaged in improper collection and use of data and ordered them to fix the problem. The Cyberspace Administration of China said that the 105 apps violated laws by excessively collecting and illegally accessing users’ personal information, according to a …

China's small tech firms step out of the shadows as giants reel from regulatory crackdown
3 years, 9 months ago

China's small tech firms step out of the shadows as giants reel from regulatory crackdown

The Hindu  

One firm's loss is another's gain. China's smaller technology companies and investors are eager to seize the day as a sweeping crackdown by anti-monopoly regulators on the country's internet giants creates a wealth of new opportunities. "Since December, we've seen clients whose credit lines have been reduced or restricted by lending giants transfer to our services," 360 DigiTech Chief Financial …

US blacklists Xiaomi, CNOOC, Skyrizon, raising heat on China
3 years, 11 months ago

US blacklists Xiaomi, CNOOC, Skyrizon, raising heat on China

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Trump Bars US Transactions With Eight Chinese Apps Including Alipay
3 years, 11 months ago

Trump Bars US Transactions With Eight Chinese Apps Including Alipay

News 18  

US President Donald Trump on Tuesday signed an executive order banning transactions with eight Chinese software applications, including Ant Group’s Alipay, the White House said, escalating tensions with Beijing just over two weeks before President-elect Joe Biden takes office. The move, first reported by Reuters, is aimed at curbing the threat to Americans posed by Chinese software applications, which have …

China warns of retaliation for NYSE's delisting of companies
3 years, 11 months ago

China warns of retaliation for NYSE's delisting of companies

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China said Saturday that …

Trump bans US investment in Chinese military-linked firms
4 years, 1 month ago

Trump bans US investment in Chinese military-linked firms

The Hindu  

President Donald Trump has stepped up a conflict with China over security and technology by issuing an order barring Americans from investing in companies that U.S. officials say are owned or controlled by the Chinese military. The impact of the order on Thursday wasn’t immediately clear but it could add to pressure on companies including telecom equipment giant Huawei and …

Trump’s WeChat ban could prevent US companies from doing business in China
4 years, 3 months ago

Trump’s WeChat ban could prevent US companies from doing business in China

CNN  

Hong Kong CNN Business — PresidentDonald Trump’s threat to ban WeChat has already upset millions of users in America who depend on the app as a lifeline to family and friends in China. Its website says Tencent uses data “in strict accordance with applicable laws and regulations.” The order clearly targets usage of the app stateside, but its broad wording …

Apple's Business in China Could be Impacted by $28 Billion in China if US Stays WeChat Ban: Report
4 years, 4 months ago

Apple's Business in China Could be Impacted by $28 Billion in China if US Stays WeChat Ban: Report

News 18  

The US ban on WeChat, a messaging, social media, and electronic payment application owned by the Chinese company Tencent Holdings Ltd, can impact Apple business up to worth $28 billion, a report said on Monday. "The WeChat ban could impact up to $28 billion in iPhone/iPad sales in China as well as related impacts to Service revenue," reports Seeking Alpha. …

The ban on 59 Chinese apps is just bluster
4 years, 5 months ago

The ban on 59 Chinese apps is just bluster

The Hindu  

IN a move that India’s Information Technology Minister Ravi Shankar Prasad described as a “digital strike”, Prime Minister Narendra Modi issued a press release on June 29 banning 59 Chinese-owned apps. Such measures would justify the call for public investment to support digital platform development, while assuring society that government support for private initiative is conditional on the delivery of …

China reacts to India banning 59 Chinese apps, foreign ministry says strongly concerned
4 years, 5 months ago

China reacts to India banning 59 Chinese apps, foreign ministry says strongly concerned

India Today  

China is strongly concerned regarding the decision of the Indian government to ban 59 apps with Chinese links, the Chinese Foreign Ministry said on Tuesday. “China is strongly concerned, verifying the situation,” Chinese Foreign Ministry spokesperson Zhao Lijian was quoted as saying by news agency ANI. China is strongly concerned, verifying the situation: Chinese Foreign Ministry spokesperson Zhao Lijian on …

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