August 1, 2021

Business this week | The Economist

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The share prices of China’s tech giants swooned after regulators stepped up their offensive against the industry. The focus this time is on Didi Global, a ride-hailing service, which was ordered to pull its app from app stores because it is being investigated for a non-specified misuse of users’ personal data. Only a few days before, Didi had completed a successful IPO in New York raising $4.4bn, the most for a Chinese company since Alibaba, which is also in the cross-hairs of officials in Beijing for becoming too powerful.

Another way that China is trying to defang its tech tigers is by cracking down on Chinese companies that have listed their shares in America or intend to do so, this week promulgating a broad review of the rules that allow them to…

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