Business
Didi leaves Wall Street. ‘Perfect storm’ means more Chinese tech stocks may follow
Pressure from both countries has created a “perfect storm” of problems for these companies, according to Alex Capri, researcher at the Hinrich Foundation. He called Didi’s decision a “harbinger of [the] increased fragmentation of global financial markets along geopolitical lines. “
A course correction
They might be forced to reconsider soon.
Beijing has taken steps this year that appear to be intended to discourage Chinese companies from trading in foreign markets, which the country says could pose national security risks.
A VIE involves setting up an overseas holding company that allows investors to own a stake in a Chinese company, which would otherwise be difficult due to restrictions on the mainland. Companies like Didi, Alibaba, Pinduoduo, and JD.com have all benefited from the system.
“The light at the end of the tunnel continues to be the oncoming train,” wrote Jeffrey Halley, senior market analyst for Asia-Pacific in Oanda, in a note this week. “It is increasingly clear that China is giving the option of Hong Kong or bankruptcy with respect to pseudo-listings abroad as the wealth of US valuations is shut down.”
Washington pressure
“These companies risk becoming pawns in a growing trade between Beijing and Washington,” he added.
Chinese companies’ shares have been hammered in the past year as China crackdown on technology and other private companies.
“The Chinese state will gain full control over financial data and transactional data” through this program, he said. “Chinese companies, by association, will become suspect for data monitoring and privacy concerns. This, in turn, could lead to higher barriers to entry into the United States and other markets.”
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