A navigation map on the app of Chinese ride-hailing giant Didi is seen on a mobile phone in front of the app logo displayed in this illustration picture taken July 1, 2021. REUTERS/Florence Lo/Illustration

LONDON, July 2 (Reuters Breakingviews) - Didi Global (DIDI.N) has hit a potential roadblock. Two days after its shares started trading in New York on Wednesday, China's cyberspace agency revealed a national-security related investigation into the ride-hailing giant read more . It’s one way for the Chinese Communist Party, which celebrated its 100th anniversary on Thursday, to show it’s still relevant .

The news knocked an initial 9% off Didi’s $79 billion market value read more , though the stock later recovered somewhat. The company was told it can’t add new users while the probe is ongoing. That’s a minor concern for investors for now. The longer-term question is what to read into the timing.

It’s almost as if the Chinese leadership can’t bring itself to block most companies from listing in the United States, as it effectively did with Alibaba’s financial offshoot Ant , but wants to send a message: However much money is raised – $4.4 billion in Didi’s initial public offering – and however wealthy insiders become on paper, they’re still beholden to the CCP. (By Richard Beales)

U.S. jobs picture is on the mend, with caveats read more

India’s bad debt redux looks less painful read more

Breakingviews

Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.



Sign up for a free trial of our full service at and follow us on Twitter and at www.breakingviews.com. All opinions expressed are those of the authors.

Source: Reuters

Powered by NewsAPI.org