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#HANDBRAKE ORIGINAL AUTHORS FULL#
The company posted a net loss of 30.6 billion yuan in the third quarter and 49.33 billion yuan for the full year. The company, with its huge troves of potentially sensitive digital information, became the target of an official cybersecurity probe.Īs a result, its 25 apps were pulled from app stores in China. Share prices of Alibaba, Meituan and Tencent ( OTCPK:TCEHY) (700.HK) more than halved over the next year or so.īut it was not until June last year that the regulatory storm reached its peak, when DiDi went public in New York despite pressure from the Chinese authorities to hold off its IPO. Reeling from this rapid succession of blows, tech stocks went into a tailspin. The online food delivery platform Meituan ( OTCPK:MPNGF) (3690.HK) was slapped with the same charge and was fined 3.44 billion yuan. The e-commerce giant was fined 18.23 billion yuan ($270 million). Soon after, Alibaba was accused of abusing its market dominance to force merchants to commit to its platform to the exclusion of rival sites. The first shot was fired in November 2020 with the sudden suspension of a planned dual listing in Hong Kong and Shanghai by Ant Group, the financial arm of Alibaba ( BABA 9988.HK).
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Last year, the Chinese government cracked down hard on Chinese tech giants, citing a need to ramp up antitrust enforcement and curb what it regarded as irregular financial expansion. The Hang Seng TECH Index in Hong Kong rose by around 10% in the first three trading days of the week, outpacing a 4.4% rise in the broader Hang Seng Index. Still, since hearing about DiDi's possible restart, investors have been hopeful that the regulatory burden on other tech stocks may also lift. But it remains to be seen how much China's tech giants may benefit from a shifting policy trade-off between reining in the sector and powering economic recovery.
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Relief for DiDi is seen as a softening in regulatory policy, following signals from policymakers of a more supportive stance towards the digital economy, which has been a key growth driver for China. Kanzhun attracted even more investor enthusiasm, with its share price shooting up 30% during the same period. Although Full Truck Alliance said that it had not yet restarted registrations, its share price still rose 18% over three trading days. DiDi's market valuation has plunged dramatically from $73 billion to $13 billion during the same period.Īnother two U.S.-listed tech companies were also reported to be getting permission to resume new user registrations, Full Truck Alliance ( YMM), which matches trucks with companies transporting goods around China, and Kanzhun ( BZ), a jobs platform operator.
That is still 82% lower than the $14 per share IPO price when the company listed on the New York Stock Exchange last June. stock soaring by 65% early on Monday to $3.06, but the share dipped in the following days to $2.51 by the market close on Wednesday, still 36% higher than the price before the report of the impending reprieve. A "go" signal for DiDi is a major boost for an industry beset by regulatory uncertainties. The company's mobile apps are expected to return to app stores in a week at the earliest. The Wall Street Journal reported on Monday that the Chinese regulator is about to end its year-long cybersecurity probe into the ride-matching service and lift a ban on the platform registering new users. Three companies are expected to be among the first beneficiaries of the policy shift, led by China's answer to Uber, DiDi Global Inc. After exerting intense regulatory pressure on the powerful tech sector, the authorities now look set to ease off the brakes to let the industry inject more fuel into the engine of growth. The policymakers in charge of steering China's economy are shifting gears.
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