So much for the close, high-level relations former Goldman Sachs boss Hank Paulson talked up in his 2015 book Dealing with China. Last Wednesday, shares in Didi Chuxing started trading following a US initial public offering led by US investment banks. On Sunday, Chinese regulators blocked the ride-hailing app from online stores.
China explicitly cited data security worries. An implicit reason is likely too: official annoyance at the flood of US IPOs by Chinese tech groups. So far this year, 34 companies have raised a record $12.4bn.
Didi’s $4.4bn share sale left it capitalised at $80bn — until news of the app store ban sent shares tumbling. Chief executives and bankers know Chinese tech groups that float in the US face similar retribution.
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