‘Reckless And Irresponsible’

‘Reckless And Irresponsible’

Marco Rubio is irritated. Specifically, he's disturbed that Didi, the Chinese ride-hailing giant whose stock collapsed just days after listing in the US, was allowed to sell shares on the NYSE. The company's woes began when Beijing abruptly banned it from app stores on data security concerns, the opening salvo in what looks like another wave of regulatory scrutiny aimed at reining in the country's tech sector. In remarks to the Financial Times, Rubio said it was "reckless and irresponsible" t
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2 thoughts on “‘Reckless And Irresponsible’

  1. Cramer suggested some skullduggery in the timing. From what I read, it appears that the private shareholders (including Softbank & our beloved Uber) pushed for the ipo, despite the warnings from the central government not to do it.

    The PE sharks wanted a US listing to get their dollars. Perhaps they feared that it would be harder to move their proceeds out if the shares were listed in Shanghai or HK.

    That may be a major reason for the mooted crackdown on the VIE structure as well.

    1. Both sides pushing things. Will the US force Tencent to sell their interest in global gaming stocks in the name of data security? Reverse things – imagine if it was China demanding that Microsoft sell their X-Box franchise. Mmmm.

      Now China is playing the same game.

      What could possibly go wrong?

      While US investors and our esteemed strategists focus on dot plots, maybe they should lift their eyes and give this some thought.

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