With the US lobbying other nations to prevent China from obtaining technology like advanced computer chips and Xi undertaking a national project to develop them, stringent data security controls risk further disrupting supply chains, balkanizing financial markets and forcing countries to pick sides. More broadly, the crackdown shows how big data is quickly turning into the next major battleground in a clash of superpowers, with implications that potentially could reshape the global economy for decades to come. That scrutiny awoke regulators in Beijing to the threat posed by private companies, prompting them to ban Didi from signing up new users days after it conducted the second-biggest American initial public offering for a Chinese company. Yet six years later it clearly shows the risk that an outside party-and perhaps foreign spies-could glean valuable intelligence from Didi about some of the country’s most important officials.ĭidi’s listing in the US last week came just as Xi is looking for ways to control the vast reams of data held by China’s tech giants, in part to ensure the Communist Party spreads the wealth beyond a small circle of billionaires. Using playful charts, it showed that traffic at the Ministry of Public Security was among the busiest, while China’s anti-corruption agency was relatively quiet.Īt the time, it looked like an innocuous peek at the potential of Big Data to make the government more efficient. Screenshots circulated of a breezy state media report on a Didi study that revealed how bureaucrats used the company’s services on two sweltering July days in Beijing. auditing rules.Shortly after Beijing’s shock cyber-security probe into Didi Global Inc., Chinese social-media users furiously passed around a 2015 story on the Uber-like app that showed what might be spooking President Xi Jinping. regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. later this year, a review of the filings showed. listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool.
Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S.
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