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Allowing the resumption of cross-border data transfers in day-to-day business shows pragmatism can still prevail in Chinese policymaking.
The city’s global financial status is expected to play a big role as companies such as Didi make a homecoming with listings here
As the company quits New York to prepare for a blockbuster relisting, Hong Kong has to make sure it gets the balance right to ensure that other China firms follow.
- The breakdown at Didi plunged thousands of people into a desperate situation on Monday and Tuesday
- Didi says it will carry out ‘in-depth technical risk identification and upgrade work’ to fully ensure service stability
The disruptions affected some of the app’s 400 million users, as well as drivers across China, including in Beijing, Shanghai and Guangzhou.
Valued at more than US$60 billion, Shein is expected to become the most valuable China-founded company to go public in the US since Didi Global’s debut in 2021 at a US$68-billion valuation.
The company has also announced a plan to buy back up to US$1 billion of its shares amid reports of a planned Hong Kong listing.
Once valued at US$47 billion, WeWork’s plunge into bankruptcy damaged the professional reputation of SoftBank’s Masayoshi Son far beyond the US$11.5 billion he lost in the co-working office space start-up.
How do you get a visa to Shenzhen? How do you pay for everything without cash? Everything you need to know, download and use before, during and after entering the Chinese city from Hong Kong.
Didi posted a 52.6 per cent year-on-year jump in second-quarter revenue to US$6.6 billion on the back of strong demand at both its core mainland China and international operations.
The US$744 million deal enables Xpeng to take advantage of Didi’s business platforms for promotion while helping Didi dodge the cutthroat EV market, an analyst says.
The slowing economy has resulted in a flood of new gig workers who have been reduced to working longer to get fewer orders than they saw during the pandemic.
Since Beijing quashed Ant Group’s IPO in November 2020, a Big Tech crackdown spanning more than two years has left no big industry player unscathed.
Didi recorded a net loss of US$166 million in the first quarter, a significant improvement from its US$2.3 billion loss in the same period last year.
Big Tech firms from Tencent to ByteDance helped create millions of vloggers, content writers and e-commerce sellers amid a slow pandemic-stricken economy.
Didi has been preparing for a comeback with autonomous driving cars, a sector favoured by the government, after a 2021 crackdown.
The Beijing-based company has released its first annual report since it delisted from the New York Stock Exchange last year.
Didi’s push into autonomous driving dates back to 2016 when it set up a dedicated unit, and the robotaxi concept car comes after years of research and development.
Micron Technology, the United States’ largest memory chip maker, has become the first foreign semiconductor company to be put under a cybersecurity review by China.
Micron has previously warned investors of the risks of being excluded from the China market.
The reorganisation is in line with e-commerce giant Alibaba’s efforts to stay competitive in China’s vast on-demand local services market, which is dominated by Meituan.
Didi founder and CEO Cheng Wei made his first appearance at the symposium since China launched a cybersecurity probe into the firm in 2021, as Beijing eases its restrictions on the tech sector.
Job cuts at Pakistan-based e-commerce firm Daraz follow a workforce reduction of more than 15,000 at parent Alibaba in the first nine months of 2022.
It marks a crucial step for the company to fully resume its business after Beijing banned it from registering new users for 18 months.
The Beijing-based company has retained its leading position in the ride-hailing market during an 18-month absence from China’s app stores, but uncertainties linger as to how the government will enforce antitrust, algorithms and data rules.
The Cyber Security Review Office gave Didi the green light to resume new user registrations several months after concluding its investigation of the company.
Didi’s latest round of lay-offs will affect hundreds of jobs at nearly every department in the company, including its ride hailing, overseas business and risk management operations.
Ant Group, ByteDance, Syngenta, Amer Sports, FWD Group and Didi Global among the highly anticipated IPOs this year. Over 100 new listings are expected to raise around HK$200 billion (US$25.6 billion).
China fined the owner of the nation’s biggest academic database platform for monopolistic behaviour, after a probe revealed it imposed excessive fee hikes using its dominant market position.
TikTok’s mainland Chinese version has started to include ride-hailing services in its mini-app platform, in a move could stir up fresh competition in a market bruised by an onslaught of regulatory crackdowns.
The plan’s emphasis on the internet sector shows that Chinese policymakers recognise the role of the digital industry in boosting consumer spending, analysts say.
The move reflects the central government’s continued efforts to improve the legal framework of the world’s largest ride-hailing market, following the end of its year-long investigation of industry leader Didi Chuxing.
