Beijing's action against Didi appears to be just the beginning of a wider campaign to seize control of China's thriving tech sector. China's tech entrepreneurs are in for a rude awakening. Meanwhile, Washington's worries may have unfounded. The Chinese government seems to be doing everything in its power to lose its tech race with the US.
By Redaktion Table
The crackdown on ride-hailing service Didi Chuxing by Chinese authorities has had consequences: several Chinese companies have canceled their IPOs in New York. China's government is making the clear statement that it wants more IPOs in Hong Kong instead.
By Redaktion Table
The increasing number of IPOs of Chinese companies abroad is apparently a thorn in Beijing's side. Officials claim that there is great concern that foreign powers - for example in the US - could access their collected data. It is not yet clear whether the tightened rules are about a power struggle between the state and the private sector, or whether the state is actually committed to protecting its citizens' personal data. It's quite possible that both is true.
By Frank Sieren
Spirits were high when the stock of Chinese ride-hailing service Didi went public in New York. However, just two days later Beijing started a crackdown campaign against the company. Western investors are becoming increasingly skeptical about Chinese IPOs.
By Redaktion Table
DiDi is the top dog in the Chinese market for ride services. However, just before its planned IPO, the authorities put the company through the mill. Defiantly, DiDi is expanding its international presence. Its base, however, remains its home country. Here, the company wants to profit from increased mobility and urbanization.
By Ning Wang
