China crackdown own companies listed in United States

Chinese President Xi Jinping gave warning to other nations during his CPC centenary speech. China will never tolerate anyone who is involved in it's affairs.

Most of the nations in the world are suspicious towards China after coronavirus. China crackdown on its own business men like Jack Ma in the name of violation of Chinese regulators. Afterwards China imposed several restrictions on Bitcoin saying the mining causes damage to the environment. Now, Beijing widens it's control on Tech companies who are listed in the United States.

China blocks ride hailing giant Didi Global Inc from APP stores. It is surprised that Didi App ban comes after mega United States IPO. Didi has more than 200 million passengers with 5 million drivers and provide it's services to more than 350 cities in China. The App has disappeared since July 04th (Sunday) from App stores. Chinese cybersecurity regulator cites serious allegations on Didi's collection and use of passenger data. Two days back Didi raised a $4.4 billion fund through an IPO in the US which is termed as the second highest IPO.

The latest action targets two truck-hailing apps operated by Full Truck Alliance Co. and an online recruiting app owned by Kanzhun Ltd. Both companies went public in the U.S. in June. China Cybersecurity said it had begun a data-security investigation into the apps Yunmanman, Huochebang and Boss Zhipin. China defended it's action aimed at preventing national data-security risks, maintaining national security and protecting public interests. Did says it is working to rectify APP in accordance with requirements and latest modifications. Didi is ready to face an antitrust probe.

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