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.

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.ĭidi shares fall as much as 25% in the first U.S. 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.ĭidi 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 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.ĭidi says it plans a comprehensive examination of cybersecurity risks and would cooperate fully with the relevant government authority. 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. listing, setting the stage for what is expected to be the world's biggest initial public offering of 2021. June 11 - Beijing-based Didi makes public the filing for its U.S. [ Following are key events since Didi publicly announced its intention to list in the United States: comes as a deepening regulatory crackdown wiped billions of dollars off the ride-hailing giant's valuation. IPO in July.ĭidi's decision to delist in the U.S.

And in December, Baker Botts withdrew from Hong Kong, closing the curtains on 16 years in Asia after pulling out of Beijing a year earlier.Reuters | Shanghai | Updated: 03-12-2021 11:12 IST | Created: 03-12-2021 11:07 IST Representative image Image Credit: ANIĭidi Global said on Friday it will delist from the New York stock exchange and pursue a listing in Hong Kong, the latest development after it ran afoul of Chinese regulators by pushing ahead with its $4.4 billion U.S. In 2020, McDermott Will & Emery ended ties with its Chinese affiliate, while Locke Lord and Vinson & Elkins pulled out of Hong Kong, marking an end to both firms’ physical presence in greater China. Even before the emergence of the COVID-19 pandemic, firms including Davis Wright Tremaine, Bryan Cave Leighton Paisner and Troutman Sanders shuttered offices in mainland China in recent years. This uncertainty leaves U.S.-based law firms that have built up a presence in China wondering what the future has in store for them.

Treasury Secretary Hank Paulson warned in a November speech that global economic coordination is the only way to avoid future catastrophic financial crises, arguing that, if Washington and Beijing can’t get on the same page, the world is “heading for a very dangerous place.” As relations between the United States and China have spiraled dangerously downward in recent years, talk of decoupling the world’s two largest economies has grown louder.

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