Didi’s removal from China’s app stores marks a growing crackdown

CHENG WEI, the billionaire founder and chief executive of Didi Global, had scarcely a moment to revel in his firm’s $4.4bn New York listing. Within 48 hours of the initial public offering (), which valued the Chinese ride-hailing giant at around $70bn, cyber-regulators in Beijing spoiled the party. On July 2nd the Cyberspace Administration of China () said that it had launched an investigation into the company, promptly shaving 5% off its share price.