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The Nice Monetary Decoupling?

A display shows footage video of Xí Jìnpíng 习近平 in Hong Kong on July 1, 2021, on the twenty fourth anniversary of the handover to China and the one centesimal anniversary of the founding of the Communist Occasion of China. Reuters/Miguel Candela.

Beijing’s investigation into Didi this week despatched shockwaves throughout world markets. Plenty of Chinese language tech startups have canceled their IPO plans amid the market turmoil.

  • Maintain, a preferred health app backed by SoftBank and Tencent, pulled out of plans to file for an preliminary public providing within the U.S. final week, per the FT.
  • LinkDoc, an Alibaba-backed medical information options supplier, suspended its IPO yesterday, per Nikkei Asia.
  • Ximalaya, a preferred podcast app, additionally canceled its IPO in current weeks with an organization spokesperson admitting that regulators had discouraged it from itemizing abroad.

What’s subsequent for New York? Tom Mitchell of the Monetary Instances says that Xí Jìnpíng 习近平 and U.S. China hawks like Marco Rubio will each get what they need, because the “Didi debacle alerts [the] finish of [a] regular stream of New York listings for Chinese language firms.”

Hong Kong: Brace for incoming! Anthony Lawrence, a veteran observer of Hong Kong’s media and markets, argues in SupChina that the Didi beatdown augurs a “Nice Monetary Decoupling” that may also hit Hong Kong arduous.

  • The worldwide monetary neighborhood will reel as it’s pressured to “settle for investing in Chinese language firms on China’s phrases, or by no means.”

In a separate act of decoupling, the U.S. Commerce Division right this moment added 14 Chinese language entities to its rising financial blacklist over their participation in “China’s marketing campaign of repression, mass detention, and excessive know-how surveillance” in Xinjiang.

  • The businesses embody AI and different tech companies based mostly in Xinjiang, Beijing, and Chengdu — see Reuters report for full listing.

Jeremy Goldkorn labored in China for 20 years as an editor and entrepreneur. He’s editor-in-chief of SupChina, and co-founder of the Sinica Podcast. Learn extra

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