Didi Chuxing’s stock plunged more than 20% in New York Tuesday morning, after China’s government ordered the ride-hailing giant’s app to be removed from app stores. It’s unclear what will happen to Didi next. While grappling with Beijing’s crackdown, Didi, whose initial public offering last week raised $4.4 billion, also faces investors’ questions about whether the company’s management pushed...
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Chinese Government Invested in the Same Tech Companies It’s Now Attacking
A month ago, China’s top internet regulator launched a cybersecurity probe into Chinese truck-hailing company Full Truck Alliance, causing its share price to plunge less than two weeks after its initial public offering on the New York Stock Exchange. Yet the same internet regulator controls an investment fund that owns shares in the company. Full Truck isn’t the only one in this...
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