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 send and receive across the nation’s borders, with a strong focus on ensuring Chinese customers are safe from cybercrime or leaks of personal information. But some China experts believe Xi wants to avoid a situation similar to America’s battle with Big Tech companies that has given companies like Facebook, Google, Amazon and Apple so much power that they are perhaps beyond the government’s ability to regulate — despite several antitrust lawsuits and potential regulation.

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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, …

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 …

Chinese chip makers' shares slump after U.S. publishes new export rules
2 years, 2 months ago

Chinese chip makers' shares slump after U.S. publishes new export rules

The Hindu  

Shares in Chinese semiconductor companies slumped on Monday, following the latest U.S. crackdown on China's chipmaking industry to slow Beijing's technological and military advances. An index measuring China's semiconductor firms tumbled about 5%, and Shanghai's tech-focused board STAR Market declined nearly 3% in early morning trade. If effective, they could hobble China's chip manufacturing industry by forcing American and foreign …

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 …

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 {{ …

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 …

China passes sweeping data privacy law, stinging tech stocks again
3 years, 4 months ago

China passes sweeping data privacy law, stinging tech stocks again

CNN  

Beijing/Hong Kong CNN Business — China has passed sweeping new rules about the collection and use of personal data as Beijing toughens its regulation of the country’s tech companies. The Personal Information Protection Law — which was approved Friday by the Standing Committee of the National People’s Congress, and which will take effect November 1 — prohibits “illegally collecting, using, …

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 …

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 …

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 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 …

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 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 …

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