Tag: Didi Chuxing

Didi’s Wall Street Exit Signals Investors Playing by China’s Rules

Chin@Strategy

When the Chinese ride-hailing giant Didi Chuxing decided to delist its shares in the United States, it was an abrupt reversal that illustrated the growing rift between Wall Street and China’s rapidly growing corporate sector. Barely six months ago, Didi had been the latest Chinese start-up darling to go public on the New York Stock Exchange, following the path of such companies as Alibaba and Baidu to list its shares in the world’s premier financial hub. Now Didi’s move to relocate its listing to the Hong Kong stock exchange almost…

Didi of China Moves to Delist From New York Stock Exchange

Chin@Strategy

With 377 million active users a year in China and services in 16 other countries, Didi Chuxing has been celebrated in China as a homegrown tech champion. It vanquished its American rival, Uber, and bought that company’s Chinese operations in 2016. Promises to use its banks of data to unsnarl traffic and develop driverless car technologies made its executives icons as Chinese officials called for building a more innovative economy. Updated  Dec. 2, 2021, 7:49 p.m. ET The delisting is likely to increase investor concerns about what seems to be…

China Fines Meituan $530 Million in Second Tech Antitrust Case

Chin@Strategy

China fined the food-delivery giant Meituan $530 million for antitrust violations on Friday, the second major penalty this year in Beijing’s efforts to bring the country’s big internet companies to heel. The government’s campaign has been blessed by the highest levels of the Communist Party leadership. It has involved a wide cast of regulatory agencies and policymaking bodies. And it has wiped out hundreds of billions of dollars in wealth for shareholders of some of China’s — and the world’s — most successful tech businesses. Like regulators and politicians in…

The End of a ‘Gilded Age’: China Is Bringing Business to Heel

Chin@Strategy

Chinese tech companies are reeling from regulation. Nervous creditors are hoping for a bailout for China’s largest developer. Growing numbers of executives are going to jail. An entire industry is shutting down. For China’s leader, Xi Jinping, it’s all part of the plan. Under Mr. Xi, China is reshaping how business works and limiting executives’ power. Long in coming, but rapid in execution, the policies are driven by a desire for state control and self-reliance as well as concerns about debt, inequality and influence by foreign countries, including the United…

The Rise and Fall of the World’s Ride-Hailing Giant

Chin@Strategy

China’s leading ride-hailing company, Didi, was an operation of dubious legality when it raised its first big bucket of money nearly a decade ago. And in one way or another, it has been testing the authorities ever since. When a venture capital firm invested $3 million in the company in 2012, Didi lacked several of the state-issued licenses it needed to do business, two people familiar with the matter said. When Beijing, Shanghai and other big cities began requiring that drivers for ride-hailing platforms be local residents, Didi protested. Today,…