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Didi’s exit from the US shows that Xi is the main competitor to Chinese companies

US politicians have been shooting at China Inc for years. On Friday, Xi Jinping responded with a bazooka, noting that Chinese companies listed in the US angered Democrats and Republicans, angered the Communist Party.

Didi Chuxing’s announcement that will return from the New York Stock Exchange and a series in Hong Kong following a crackdown on Beijing has made it clear that the Chinese president – not US politics or even the market – will be strongly opposed to where Chinese corporate experts go public.

Chinese officials have long been concerned that the country’s stock markets could “collapse”, according to one party official, if they do not attract its best companies. Didi’s announcement is a clear sign that the party has acted with concern and is finally ready to take action.

In comparison, U.S. sanctions against Chinese companies have been moderate and suspended. This includes financial restrictions in major state-owned companies that are able to raise as much money as they need in China and Hong Kong, as well as clear “warnings” from Chinese companies about the dangers of the laws they face at home.

The politicians in the United States who were forced to do so were deprived of forests because of the prices. The fact that China’s leading and independent companies are always on the move loved New York going to Shanghai or Hong Kong to establish public offerings for the first time was a major acceptance of major American markets and a no-confidence vote in China. Didi, after all, is just following a well-dressed approach by those who have been there before including Alibaba, the Jack Ma ecommerce group, and Sina Weibo, which is very close to China and Twitter.

It was not what Xi, who is ready to take the third time in five years which has never happened as the head of the party, the government and the military, he was tolerant for a long time. Its obsession with national security threats – first in unstable and unreliable areas of Chinese politics such as Xinjiang and Hong Kong, more recently cyber location – accelerated this. After breaking the “secession”, Xi turned to China’s unreliable political companies.

Didi’s move to Hong Kong reaffirms and unites Xi’s interference with the opposition in the region and its “correction” by Chinese secret agencies. The Chinese authorities would probably have doubts about Didi’s list in Hong Kong, instead of Shanghai, a new national security law that Beijing had not yet established for the beginning of the end of all powerful territories. a pro-democracy group and its freewheeling media creation.

Didi can no longer escape the kind of party tradition that Xi has introduced in China over the past decade and in Hong Kong a few years ago. In this new political and economic era, the President has made it clear that what is best for him and the Communist Party should be good enough for Didi.

tom.mitchell@ft.com


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