Chinese Regulators Suggested Didi Delay Its US IPO (wsj.com) 14
Weeks before Didi went public in the U.S., China's cybersecurity watchdog suggested the Chinese ride-hailing giant delay its initial public offering and urged it to conduct a thorough self-examination of its network security, WSJ reported Monday, citing people with knowledge of the matter. From a report: But for Didi, waiting would be problematic. In the absence of an outright order to halt the IPO, it went ahead. The company, facing investor pressure to list after raising billions of dollars from prominent venture capitalists, wrapped up its pre-offering "roadshow" in a matter of days in June -- much shorter than typical investor pitches made by Chinese firms. The listing on the New York Stock Exchange raised about $4.4 billion, making it the biggest stock sale for a Chinese company since Alibaba's IPO in 2014.
Back in Beijing, officials, especially those at the Cyberspace Administration of China, remained wary of the ride-hailing company's troves of data potentially falling into foreign hands as a result of greater public disclosure associated with a U.S. listing, the people said. Didi's American depositary shares began trading in New York on Wednesday, just a day before the ruling Communist Party celebrated its centenary.
Back in Beijing, officials, especially those at the Cyberspace Administration of China, remained wary of the ride-hailing company's troves of data potentially falling into foreign hands as a result of greater public disclosure associated with a U.S. listing, the people said. Didi's American depositary shares began trading in New York on Wednesday, just a day before the ruling Communist Party celebrated its centenary.
Ehhm (Score:3)
Cyberspace Administration of China remained wary of the ride-hailing company's troves of data potentially falling into foreign hands
I tried very hard to come up with a response featuring a pot and a kettle, but it just didn't fit.
Re: (Score:1)
If the Chinese Government tried some empathy and introspection they might understand the concerns that Western countries have about foreign, including Chinese, access to large amounts of personal customer data.
I suspect they're more likely to consider themselves exceptional and to ignore, or actually to fail to understand, why anyone else would be concerned about their access while their concerns about access by others are of course completely valid and reasonable.
Re: (Score:3)
Those of us who were not born yesterday remember the Chinese breach of data security ay the US Office of Personnel Management's files in 2015. Millions of people got credit monitoring paid for by the US government as a result, but the national security concerns are probably ongoing because that's a lot harder than credit monitoring.
Re: (Score:2)
Pretty much - every country sees themselves as somehow uniquely awesome.
Re: (Score:1)
s/Chinese/US/g
This is how a lot of Europea
Nex time list in HKG (Score:2)
That'll be a lesson to those Chinese companies who may wish to move a small part of their business away from the Chinese control. Should have listed in Hong Kong.
"suggest" (Score:3)
They aren't suggesting shit because their "suggestions" are like that of the Mafia. They "suggest" you delay because it would be awful if "something" were to happen to your company.
I see we're supposed to know what Didi is... (Score:2)
other than the annoying sister from Dexter's Laboratory.
Whatever. I'm sure no one needs to know.
Re: (Score:3)
other than the annoying sister from Dexter's Laboratory.
Whatever. I'm sure no one needs to know.
What DiDi is is explained right in the first sentence unless you don't know what ride-hailing is
Weeks before Didi went public in the U.S., China's cybersecurity watchdog suggested the Chinese ride-hailing giant delay its initial public offering ....