China cracks down on Didi days after IPO

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DiDi is a Chinese Ride Hailing app that raised $4.4bn in its listing on the New York Stock exchange this Wednesday. This was the biggest Chinese listing in the US since Alibaba listed seven years ago.

The stock initially rallied, then two days later news broke that the Chinese regulators are investigating the company. They say they are doing this “in order to maintain national security and protect the public interest.” The stock fell 5.3 per cent on Friday to $15.52 on this announcement.

The Cyberspace Administration of China then went on to announce today that Didi’s app had “problems of seriously violating laws on collecting and using personal information”. They ordered that Didi be taken down from Chinese app stores. These actions are all based on China’s new cyber security review system, which is about a year old.

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