Analysis: multiple state agencies have been drafting rules to regulate China’s booming, anarchic tech sector
China’s biggest ride-hailing company, Didi, is the latest casualty of Beijing’s effort to rein in upstart tech companies that had been left to their own devices in the absence of proper regulation.
The Cyberspace Administration of China’s ban on Didi listing its app on mobile app stores in China, only days after the company floated on the New York stock exchange, prompted a sharp selloff of Didi’s shares. The debacle has angered investors after it was reported that Chinese authorities had for months cautioned Didi against rushing into a US listing owing to data security concerns.
