China's Didi Global is facing a U.S. investigation into its IPO. The bigger blow may be rising regulatory pressure at home, raising fresh doubts about its core business, says mak_robyn
. It reveals that the U.S. Securities and Exchange Commission "made inquiries in relation to the offering" without elaborating. Didi, which is holding a vote next month on ditching its New York Stock Exchange listing, was forced to shelve plans to list in Hong Kong amid dissatisfaction from Chinese regulators, sources told financial publication IFR. This probe may further delay a return to the public markets.
Officials are also stepping up scrutiny of ride-hailing apps. In February, the transport department and other agencies issued updated violations including lacking proper permits and licenses as well as infringing on drivers' labour rights and interests. Watchdogs have tightened regulations on monopolies, unfair competition and on how algorithms can be used too.
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