The Chinese regulator had launched an investigation against the local leader of VTC in the aftermath of his IPO, in June 2021.
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The shareholders of Didi, the application that dominates the taxi order market in China, will be invited to validate the exit of the company of the Wall Street Stock Exchange in a vote organized on May 23, a announced the group, Saturday, April 16th. The company, sometimes qualified as “Uber Chinese”, is under a survey on the safety of user data. It had been launched by the Chinese regulator as a punishment after the company lifted 4.4 billion dollars (€ 3.71 billion) on the New York Stock Exchange, in the summer of 2021, on the summer. base of a valuation of $ 67 billion.
The investigation, accompanied by a suspension of Didi of Chinese application stores preventing it from recruiting new customers, cost the company expensive: it announced on Saturday a fall of 12.7% of its Turnover for the fourth quarter 2021, with a net loss of $ 27 million. In addition, its action saw its value falling by $ 14 at its introduction on June 30, 2021, at $ 2.46 today.
But the case has also threw a cold shot throughout the Chinese digital sector, already subjected to a series of surveys and new regulations since the end of 2020. “There is no clarity in this History: I think it’s a punishment, an example for other tech businesses, more than a question of serious data leakage. Today, the company is no longer than the Shadow of herself: Basically, the government supported the break button for their development, “explain the founder of the Sino Auto Insights Consulting Cabinet in Beijing.
between two fires
The Chinese Uber had announced its project to leave Wall Street in December 2021, specifying at the time that it worked in parallel with an introduction to the Hongkong Stock Exchange to organize a transfer of shares. But the negotiations with the latter failed in March, according to an article by the Bloomberg agency. Which has dropped the Didi course. In its Saturday communiqué, the company says that it no longer seeks to break into Hongkong.
Seven months after the cancellation of the ANT GROUP IPO, the financial subsidiary of Alibaba, the sanctions against Didi ask the question of whether Beijing is not likely to prohibit any introduction of Chinese enterprise Abroad, for reasons of data security and economic nationalism. The country’s groups are now caught between two lights: the US stock regulator threatens to exclude them from a conflict with its Chinese counterparts, while they prohibit their businesses from submitting audits conducted by foreign entities. In March, after a plurality of Chinese technology stock market, the Beijing authorities tried to reassure: they say today to work with the American regulator about it.