Katsuji Nakazawa is a Tokyo-based senior staff writer and editorial writer at Nikkei. He spent seven years in China as a correspondent and later as China bureau chief. He is the 2014 recipient of the Vaughn-Ueda International Journalist prize for international reporting.

TOKYO — It has been a tumultuous month for the Chinese capital market. First, ride-hailing giant Didi Chuxing went public on the New York Stock Exchange on June 30.

Four days later, as the U.S. was in the middle of its long Fourth of July weekend, internet regulators suspended downloads of Didi’s app in China.

On July 6, Beijing released an eight-chapter, 30-point official document, “Opinions on strictly cracking down on illegal securities activities in accordance with the law.” The document included, among other things, restrictions on domestic companies listing their shares overseas.

“If people look only at Didi, they will misunderstand,” one Chinese source said….

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