Didi Global, it must be said, was in a bit of a bind. The Chinese ride-hailing behemoth was getting mixed, if clearly bad, signals from regulators about its plan to go public. The signal from its investors was less ambiguous: Go. Public. Now. (Albeit perhaps in absence of the knowledge of the aforementioned very bad signals.) And so, without a direct order from Xi Jinping not to press ahead with the IPO, it did so.
The company’s founder, Zhang Yiming, decided it would be wiser to put the plans on ice in late March, after meetings with cyberspace and securities regulators in which they asked the company to focus on addressing data-security risks and other issues…. Given Beijing’s concerns, ByteDance’s Mr. Zhang assessed that the time wasn’t right for an IPO because of the political and regulatory environment….
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