On June 30, Chinese ride-hailing giant Didi Global had a disastrous IPO on the New York Stock Exchange (NYSE). Though it raised US$4.4 billion ($5.95 billion) in the IPO, its shares barely budged despite attempts by American investment bankers to prop them up. Less than 48 hours after its shares began trading, Didi was fighting for its life. Beijing has ordered a full-scale cybersecurity investigation into Didi and several other Chinese tech firms that had recently listed in New York. On July 4, Chinese regulators banned Didi’s app from all app stores as well as from super apps like WeChat to prevent the ride-hailing firm from accessing new customers.  

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