Chinese technology giants “brushed” by Xi Jinping

CNBC Jakarta, Indonesia- huge Call a car China’s Didi Global reported on Thursday (12/29/2021) that it lost US$4.7 billion (IDR 66 trillion) in the third quarter of 2021. Agence France-Presse. This is the effect of the Chinese government’s suppression of the company.

Didi’s cumulative operating loss for the first nine months of this year was US$6.3 billion (IDR 93 trillion). This is the result of Didi’s removal from China’s domestic app store.

The problems between Didi and the Chinese government began when the technology giant spoke on the US (US) exchange in June last year. Beijing claims that Didi’s speech in the United States poses a huge cybersecurity risk.

China believes that Didi’s IPO decision requires that some consumer data should be stored in the United States, jeopardizing national security. In fact, the regulatory authorities of Zhulian State also have time to conduct a more thorough investigation of the company.

Not kidding, Panda Country also proposed a new law under which companies seeking foreign IPOs must be registered with securities regulators.If an overseas IPO application is deemed to be rejected

China itself is still encouraging companies to list on domestic exchanges to protect information and prevent data from flowing overseas. This is also done to promote the domestic stock market.

At the same time, this step was taken by China when it clashed with the United States. The US government has previously blacklisted about 50 Chinese companies accused of threatening its national security.

[Gambas:Video CNBC]

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