FT News Briefing China’s widening tech crackdown
Jul 6, 2021
KKR is ramping up acquisitions in the UK, aiming to capitalize on post-Brexit opportunities. Oil prices have surged to a three-year high as OPEC struggles with production decisions. Meanwhile, China is intensifying its crackdown on tech companies like Didi Shuxing that have listed in the U.S., raising concerns about tech regulation and U.S.-China ties. In cybersecurity news, a massive ransomware attack has targeted supply chains, highlighting emerging threats. The landscape is shifting, with significant leadership changes at major companies like Amazon.
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China Targets US-Listed Tech
- Beijing is cracking down on Chinese tech companies listed in the U.S.
- This follows Didi's NYSE debut and subsequent cybersecurity review.
Didi's Submissive Response
- Chinese companies rarely publicly challenge investigations, opting for submissive displays of loyalty.
- Didi claims ignorance of the investigation until after its IPO, a key detail for investors.
Pattern of Scrutiny
- Two other recently U.S.-listed Chinese tech companies, Full Truck Alliance and Kanzhun, face similar cybersecurity reviews.
- This pattern suggests a targeted approach by Chinese regulators.