Why Beijing Is Going After China’s Uber DiDi | China in Focus
Are Chinese stocks safe for American investors? Just this month, one Chinese company sent many of them on a roller coaster ride. China’s version of Uber, called DiDi, entered the U.S. market to sell its stock shares. At first, it was exciting news for Wall Street and looked like a big investment opportunity. But in less than 48 hours, Beijing dropped its hammer on DiDi. It announced a #Cybersecurity review of the company, and later took down some of its software from app stores. The move sent DiDi’s stock price plummeting over 30 percent. But Beijing’s crackdown begs the question, why is the Chinese Communist Party going after the country’s biggest ride-sharing company, two days after its successful debut on America’s stock market? And what other companies are on the regime’s radar? In this episode, we dive into Beijing’s tug of war with its tech giants.