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 (IPO), which valued the Chinese ride-hailing giant at around $70bn, regulators in Beijing spoiled the party. On July 2nd the Cyberspace Administration of China (CAC) said it had launched an investigation into the company. The announcement shaved 5% off its share price.
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Two days later the regulator ordered Didi’s mobile app to be pulled from app stores in China, halting new customers from joining
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