z***t
发帖数: 10817 | 1 重点在第三段
Regulators are weighing a range of potential punishments, including a fine,
suspension of certain operations or the introduction of a state-owned
investor, the people said. Also possible is a forced delisting or withdrawal
of Didi’s U.S. shares, although it’s unclear how such an option would
play out.
1 fine
2 停止某些业务运营
3 引入国有投资者
4 退市
【 以下文字转载自 Military 讨论区 】
发信人: zlltt (赞 玲珑剔透), 信区: Military
标 题: Re: 滴滴可能会被强制退市
发信站: BBS 未名空间站 (Thu Jul 22 08:23:50 2021, 美东)
China Weighs Unprecedented Penalty for Didi After U.S. IPO
Bloomberg News
July 22, 2021, 5:44 AM EDT Updated on July 22, 2021, 6:37 AM EDT
Regulators weigh several penalties, from fine to delisting
Ride-hailing startup raised $4.4 billion in U.S. listing
Chinese regulators are considering serious, perhaps unprecedented, penalties
for Didi Global Inc. after its controversial initial public offering last
month, according to people familiar with the matter.
Regulators see the ride-hailing giant’s decision to go public despite
pushback from the Cyberspace Administration of China as a challenge to
Beijing’s authority, the people said, asking not to be named because the
matter is private. Officials from the CAC, the Ministry of Public Security,
the Ministry of State Security, the Ministry of Natural Resources, along
with tax, transport and antitrust regulators, began an investigation on-site
at the company’s offices, the cyberspace watchdog said in a statement.
Regulators are weighing a range of potential punishments, including a fine,
suspension of certain operations or the introduction of a state-owned
investor, the people said. Also possible is a forced delisting or withdrawal
of Didi’s U.S. shares, although it’s unclear how such an option would
play out.
Deliberations are at a preliminary phase and the outcomes are far from
certain. Beijing is likely to impose harsher sanctions on Didi than on
Alibaba Group Holding Ltd., which swallowed a record $2.8 billion fine after
a months-long antitrust investigation and agreed to initiate measures to
protect merchants and customers, the people said.
“It’s hard to guess what the penalty will be, but I’m sure it will be
substantial,” said Minxin Pei, a professor of government at Claremont
McKenna College in California.
Didi’s stock dropped more than 3% in premarket trading.
Didi, the CAC, the China Securities Regulatory Commission and the Ministry
of Industry and Information Technology didn’t respond to requests for
comment.
Didi’s IPO looked at first like a great success, raising $4.4 billion after
several troubled years. It turned co-founder Cheng Wei into a billionaire
and rewarded long-time backers SoftBank Group Corp., Tiger Global Management
and Temasek Holdings Pte.
But the CAC pounced just days later, announcing a cybersecurity review
because of the company’s data practices and then banning Didi’s app from
the country’s app stores. Its shares quickly plunged below the offering
price.
China Blocks Didi From App Stores Days After Mega U.S. IPO
China’s regulators largely supported the idea of an IPO, but they expressed
concerns about Didi’s data security practices since at least April, the
people said. In one example of concern, Didi had disclosed statistics on
taxi trips taken by government officials, one of the people said, although
it’s not clear whether that specific issue was raised with the company.
Regulators urged Didi to ensure the security of its data before proceeding
with the IPO or to shift the location to Hong Kong or mainland China where
disclosure risks would be lower, the people said. Regulators didn’t
explicitly forbid the company from going public in the U.S., but they felt
certain Didi understood the official instructions, they said.
One person involved in the meetings, when asked why Didi didn’t act on
suggestions from regulators, referred to a proverb that you can’t wake a
person pretending to sleep.
Xi Elevates Obscure China Watchdog to Take On Didi, Big Tech
The CAC itself has come under scrutiny because of the Didi IPO, with a top
Party official having questioned why the agency hadn’t blocked the company
’s offering, one of the people said.
Some regulatory officials expressed in private that they think Didi may have
rushed its IPO out before China unveiled a new web security law, which
could have hurt its valuation, one of the people said. Just days after the
offering, China proposed new rules that would require nearly all companies
seeking to list in foreign countries to undergo a CAC cybersecurity review.
“Beijing wants the internet sector to understand that cybersecurity and
data security are now among the government’s top priorities, and individual
companies’ profit can be sacrificed when cybersecurity and data security
may be exposed to risks,” said Feng Chucheng, an analyst with consultancy
Plenum in Beijing.
FOR MORE ON THE DIDI SAGA:
China’s Didi Crackdown Is All About Controlling Big Data
Xi Elevates Obscure China Watchdog to Take On Didi, Big Tech
Didi Duo Lose $1.5 Billion as Shares Plunge on China’s Crackdown
How Chinese Ride-Hailing Giant Didi Ran Into a Storm: QuickTake
Xi Jinping’s government is trying to strike a delicate balance between
reining in the power of China’s tech giants without inflicting serious
damage on a critical sector that has bolstered economic growth. The
crackdown began last year when Beijing forced Jack Ma’s Ant Group Co. to
call off what would have been the world’s largest-ever IPO.
That was followed by antitrust investigations into giants from food-delivery
pioneer Meituan to Alibaba, also founded by Ma. Beijing has said it wants
to stop powerful tech companies from abusing their power and crushing
innovative upstarts.
Didi's shares have trended southward since its U.S. debut
Didi began discussing IPO plans with its bankers at Goldman Sachs Group Inc.
, Morgan Stanley and JPMorgan Chase & Co. late last year, said people
directly involved. The company weighed whether to go public in Hong Kong or
the U.S., and was seeking a valuation of as much as $100 billion.
By March, they had homed in on the U.S. because the listing rules were more
amenable and the company expected a better valuation from investors familiar
with its American counterpart, Uber Technologies Inc. The Hong Kong
exchange also questioned Didi’s compliance with Chinese regulations. It
didn’t have licenses to operate in certain cities and many of its drivers
lacked a household registration, or hukou, for the cities where they lived,
part of municipal requirements for providing on-demand ride-hailing services
there.
The process turned unusually chaotic in June as Didi and its bankers raced
to the finish line, said people directly involved. As the company prepared
to make its first public filing with the Securities & Exchange Commission,
its own bankers weren’t sure when the documents would land. The filing
ultimately hit about 3:45 a.m. China time the morning of June 11.
Didi’s government relations team handled discussions with the CAC and its
regulators, and management relayed the content of those talks to its bankers
, the people said. Didi knew the CAC had concerns about its data practices,
but executives did not think the agency had forbidden them to proceed, the
people said.
Cheng, President Jean Liu, investors and their bankers faced the choice of
erring on the side of caution or proceeding with an offering that would fill
the company’s coffers and enrich all of them. On June 28, they gave the
green light.
Didi told its bankers it was allowed to go public provided the company keep
a very low profile, one of the people said, adding that the bookrunners were
told by the company there would be no press release to announce the IPO.
Didi didn’t even publicize to its own employees its impending New York
listing -- a landmark for the still-young company -- until the last minute.
Near midnight on June 30, the company posted an announcement on an internal
forum, another person said.
On Thursday, July 1, Didi’s shares surged about 16%, signaling robust
investor demand. By Friday, Didi’s management began to relax and celebrate.
That evening, after 7 p.m. China time, the CAC posted a notice on its
website: The agency would begin an investigation into Didi to safeguard
national security and protect the public interest.
Later that night, Didi issued a public statement saying it would fully
cooperate with the government review.
— With assistance by Edwin Chan, Peter Elstrom, Coco Liu, Vinicy Chan,
Manuel Baigorri, Lulu Yilun Chen, Jamie Tarabay, and Zheping Huang
(Updates with Didi shares in the sixth paragraph) |
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