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China looking to take ride-hailing giant Didi under state control amid tech crackdown

September 4, 2021
Source: reportdoor.com reportdoor.com
News Snapshot:
China’s government is reportedly looking to take control of ride-hailing giant Didi, the latest development in a broader crackdown that has kept Chinese tech companies and investors on their toes for months. Under plans being considered by China’s government, a subsidiary of Beijing’s city government could take a stake in Didi — the world’s largest ride-hailing company — that includes a “golden share” with a board seat and veto power, Bloomberg reported on Friday. Investors reacted positively to the report, sending Didi’s New York-traded shares up 7.5 percent to $9.54 early Friday. They then fell back to somewhat to $9.08...
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