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Chinese ridesharing service Didi to exit US stock market amid tech crackdown

News Snapshot:

China’s dominant ridesharing service Didi Global Inc. has announced it will pull out of the New York Stock Exchange and move its shares to Hong Kong as the ruling Communist Party tightens its control over tech industries. Didi has offered no explanation, but Chinese officials are increasingly concerned about who controls the information collected about his audience by e-commerce, ridesharing and other tech companies. Beijing sees this as a valuable asset and a security risk. Regulators said in July they would step up scrutiny of tech companies whose stocks are traded overseas and their information security and cross-border data flows….

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