![]() ![]() Securities and Exchange Commission says it will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering in their businesses. July 8 - Medical data group LinkDoc Technology becomes the first Chinese company to pull back from plans to list in the United States after regulators started an investigation into Didi. trading session since Chinese regulators ordered its app off mobile app stores in China. Didi shares fall as much as 25% in the first U.S. July 5-6 - Didi says it was unaware before its IPO that the CAC would launch a cybersecurity investigation or order a halt in China to new user registrations and a suspension of app downloads. Didi says it had stopped registering new users and would remove its app from app stores, as well as making changes to comply with rules and protect users' rights. July 4 - The CAC orders Chinese app stores to stop offering Didi's app after finding that the firm had illegally collected users' personal data. ![]() Didi says it plans a comprehensive examination of cybersecurity risks and would cooperate fully with the relevant government authority. July 2 - The Cyberspace Administration of China (CAC) says it has launched an investigation into Didi to protect national security and the public interest, and that Didi was not allowed to register new users during the probe, sending Didi shares lower. The shares end their first day of trading slightly above the IPO price. June 30 - Didi raises $4.4 billion in its IPO, pricing it at the top of its indicated range and increasing the number of shares sold, giving it a valuation of $73 billion on a fully diluted basis and $67.5 billion on a non-diluted basis. The probe, the latest in a sweeping crackdown on China's so-called "platform" companies, is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly, and whether the pricing mechanism used by Didi's core ride-hailing business is transparent enough, sources said. June 17 - Reuters reports that China's market regulator has begun an antitrust probe into Didi, citing three people with knowledge of the matter. ![]()
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