The world watched as U.S. COVID-19 deaths climbed past 1 million on Johns Hopkins University’s chart, but China’s number stayed below 5,000. Three years later, China is now changing its tune, saying tens of thousands have officially died from the virus. But is that the real number? A new study from Peking University estimates over…
SoftBank CEO ‘Remorseful’ After Record $23.4 Billion Quarterly Loss
August 18, 2022
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AlibabaAsia & PacificBusiness & MarketsChinaChina Business & EconomyCompaniesDidiHong KongMasayoshi SonNew York Stock ExchangeSoftbankWorld
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News Analysis Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.” Furthermore, China’s regulatory crackdown on…
Australian Shadow Minister Questions Didi About User Data Security
An Australian senator has written to Chinese ride hailing giant Didi, asking the company to ensure it complies with Australian privacy laws and adequately protects the cyber security of Australian users. On Aug. 17, Liberal Senator, Shadow Minister for Cyber Security & Countering Foreign Interference James Paterson published on social media a letter to Maria…
China Fines Didi $1.2 Billion as Outlook for Tech Sector Remains Cloudy
The Chinese regime fined ride-hailing giant Didi 8.026 billion yuan (about $1.2 billion) for data security breach following a yearlong probe that forced the company to delist from the United States. The Cyberspace Administration of China (CAC) said on July 21 that its investigation had found Didi violated the Cyber Security law, Data Security law,…
Uber Loses Nearly $6 Billion on Investments in Didi, Grab
May 5, 2022
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Business & EconomyBusinesses in COVID-19CompaniesDidieconomygrabMarketsMedia & Big TechUberUSUS News
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Uber reported losses of nearly $6 billion for the first three months of the year, driven by its investments in other companies, the ride-sharing company announced on Wednesday. The California-headquartered company reported a first-quarter net loss of $5.9 billion, or $3.04 a share, compared with a loss of $108 million, or 6 cents a share, during…
Senators Urge Prohibiting Military Personnel Use of CCP-Linked Ride-Hailing Platform Didi
March 31, 2022
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Business & EconomyCCPChinaChina Business & EconomyCompaniesDidiDidi ChuxingMarc RubiomilitaryNational SecurityPoliticsRepublicansTodd YoungUSUS NewsUS-China relations
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A pair of Republican lawmakers wrote a letter to the Departments of State and Defense warning of the risk posed by the Chinese ride-hailing giant Didi Chuxing over its links to the Chinese Communist Party (CCP). In a letter to Secretary of State Antony Blinken, Secretary of Defense Lloyd Austin, and Securities and Exchange Commission…
China’s New Rules on Foreign IPOs Could Mean More Regulatory Risks for Investment Banks, Expert Says
January 5, 2022
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CCPChinaChina Business & EconomyChina Securities Regulatory Commission (CSRC)CSRCDidiForeign banksinvestment bankIPOsoffshore listing
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New Analysis Foreign investment banks are likely to see more regulatory risks when underwriting IPOs for Chinese firms, according to financial analysts. On Dec. 24, 2021, the China Securities Regulatory Commission (CSRC) issued a draft regulation targeting Chinese companies listing abroad. The new rules will require investment banks that assist Chinese firms in obtaining foreign…
Beijing Pressures Didi out of Wall Street, Other Security Sensitive Chinese Companies May Follow
News Analysis China’s online ride-hailing giant Didi Chuxing (Didi) announced on Dec. 2 it was delisting from the New York Stock Exchange and moving to Hong Kong, after being placed under four months official investigation. Didi’s withdrawal is linked to China’s secrecy toward data, as well as new stringent U.S. regulations involving Chinese companies on…
Other Chinese Firms May Follow Didi Out of Wall Street Amid Beijing Crackdown
News Analysis China’s online ride-hailing giant Didi Chuxing (Didi) announced on Dec. 2 it was delisting from the New York Stock Exchange and moving to Hong Kong, after being placed under four months official investigation. Didi’s withdrawal is linked to China’s secrecy toward data, as well as new stringent U.S. regulations involving Chinese companies on…
DiDi’s US Departure Will Accelerate Decoupling
Chinese ride-hailing company DiDi’s announced delisting from the New York Stock Exchange effectively ends the Chinese technology industry’s parade of public offerings in the United States. DiDi’s run as a listed company has been tumultuous. Its stock has lost nearly 50 percent of its value since its initial public offering (IPO) six months ago. While…
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