Ride-hailing firm Didi Global, meanwhile, pushed ahead with its US listing despite reports that Chinese regulators asked it not to amid worsening US-China relations. Didi was subsequently delisted from New York and was fined US$1.2 billion by China’s cybersecurity regulators for supposedly flouting data laws.
For years, China’s tech entrepreneurs could do no wrong. They built fast-growing, massive companies, dominating everyday lives. They minted plenty of wealth for their investors and even more for themselves. The Chinese government soon made it abundantly clear who are the ones ultimately calling the shots.
Alibaba Group co-founder Jack Ma felt this more than anyone else when the Chinese government killed the IPO of Ma’s payments firm Ant Group. If it had raised US$34.5 billion ($49.4 billion) as planned, this would make Ant Group the largest IPO ever. Ma had reportedly angered the authorities when he said regulators had stifled innovation and state-owned banks had the mentality of pawnshops.
