Shai Oster

The acquisition comes after rival Square agreed to pay $29 billion to buy Australia’s Afterpay.

The Chinese ride hailing firm said in its official social media in Chinese that reports that Beijing was coordinating an investment into the firm were untrue.

It’s unclear if the city’s proposal to have a consortium of state-owned enterprises buy a controlling stake in the ride hailing company would get the approval of the central government.

The creationm of what is essentially a repackaging of an existing exchange in Beijing happens even as IPOs in another tech-oriented market have been struggling.

The global chip shortage has impacted Tesla, too, in one of its most important markets where it halted some output for four days, Bloomberg reported.