China

Didi announced it will “immediately” start the process of delisting from the New York Stock Exchange and pivot to Hong Kong. CNN’s Paul R. La Monica reports.

” data-duration=”01:35″ data-editable=”settings” data-headline=”China’s Didi is delisting from the NYSE” data-index=”idx-0″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_11174a5e1741[email protected]published” data-video-id=”business/2021/12/03/didi-delisting-nyse.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_11174a5e1741[email protected]published”>

A driver working for ride-sharing company Didi follows a map on his smartphone to bring a customer to his destination in Beijing in October 2018.

Now playing

China’s Didi is delisting from the NYSE

China’s cabinet held an emergency meeting with more than 100,000 participants, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. CNN’s Selina Wang has more.

” data-duration=”02:57″ data-editable=”settings” data-headline=”Chinese officials urge government action to revive Covid-battered economy” data-index=”idx-1″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_9047744e32010183f1f7fd25c8a535ae” data-video-id=”business/2022/05/26/china-cabinet-government-meeting-coronavirus-economy-jobs-firstmove-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_9047744e32010183f1f7fd25c8a535ae”>

BEIJING, CHINA - MAY 12: People line up outside a supermarket to buy food after a rumour of an impending COVID-19 lockdown that was denied by officials was posted to social media on May 12, 2022 in Beijing, China. China is trying to contain a spike in coronavirus cases in the capital Beijing after hundreds of people tested positive for the virus in recent weeks, causing local authorities to initiate mass testing, mandate proof of a negative PCR test within 48 hours to enter many public spaces, to close schools and retail stores, ban gatherings and inside dining in all restaurants, and to lockdown many neighbourhoods in an effort to maintain the country's zero COVID strategy. (Photo by Kevin Frayer/Getty Images)

Now playing

Chinese officials urge government action to revive Covid-battered economy

China’s supply chain crisis and its global impact is leaving companies with increasing costs and consumers with indefinite waiting times to receive goods. CNN’s Selina Wang offers an inside look at the country’s lockdowns, a strain on shipments and how China’s factory workers are reacting to the shifting landscape.

” data-duration=”03:16″ data-editable=”settings” data-headline=”How China’s workers are faring during a tumultuous supply chain crisis” data-index=”idx-2″ data-show-name=”Quest Means Business” data-show-url=”https://www.cnn.com/shows/quest-means-business” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_1008dc7747c59a7ec1c97cbc83106fc0″ data-video-id=”business/2022/05/16/china-covid-lockdown-supply-chain-issues-wang-pkg-qmb-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_1008dc7747c59a7ec1c97cbc83106fc0″>

Now playing

How China’s workers are faring during a tumultuous supply chain crisis

Containers piling up at Shanghai’s port and flight suspensions are putting pressure on global supply chains. CNN’s Kristie Lu Stout reports on the economic consequences of China’s zero-Covid strategy.

” data-duration=”02:56″ data-editable=”settings” data-headline=”Analyst: ‘Lockdown in Shanghai will rock China’s economy'” data-index=”idx-3″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_3a51fbb9cd0d907f8aa54cf34da683de” data-video-id=”business/2022/04/29/shanghai-covid-lockdown-china-economy-lu-stout-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_3a51fbb9cd0d907f8aa54cf34da683de”>

CCTV

Now playing

Analyst: ‘Lockdown in Shanghai will rock China’s economy’

CNN’s Kristie Lu Stout examines the growing economic impact of China’s tough “zero-Covid” policies – from a slump in domestic spending on the Mainland to logistics issues and a “brain drain” of talent in Hong Kong.

” data-duration=”04:08″ data-editable=”settings” data-headline=”How much longer can China’s economy handle ‘zero-Covid’?” data-index=”idx-4″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_cdd354a4482118e05e49f4576adeed6b” data-video-id=”business/2022/02/22/china-zero-covid-beijing-winter-olympics-marketplace-asia-hnk.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_cdd354a4482118e05e49f4576adeed6b”>

china zero covid beijing winter olympics marketplace asia hnk _00012317.png

Now playing

How much longer can China’s economy handle ‘zero-Covid’?

China is the first nation to unveil an official digital currency, and it used the Winter Olympics to offer the e-CNY to international travelers. CNN’s Selina Wang reports from Beijing.

” data-duration=”04:52″ data-editable=”settings” data-headline=”China showcased the e-CNY at Beijing Winter Olympic Games” data-index=”idx-5″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_87d1f153f3d3cbe529108e865df95aef” data-video-id=”business/2022/02/22/beijing-winter-olympics-digital-currency-e-yuan-hnk.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_87d1f153f3d3cbe529108e865df95aef”>

Now playing

China showcased the e-CNY at Beijing Winter Olympic Games

Billionaire investor George Soros warned China’s economy, especially the real estate market, is facing a crisis under President Xi Jinping.

” data-duration=”01:05″ data-editable=”settings” data-headline=””China is facing an economic crisis”: Soros on China and Xi Jinping” data-index=”idx-6″ data-show-name=”” data-show-url=”” data-source=”CNN Business” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_1c3bebdd7e48c841fdbb8e9072e69fa5″ data-video-id=”business/2022/02/01/soros-on-china-and-xi-jinping-orig.cnn-business” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_1c3bebdd7e48c841fdbb8e9072e69fa5″>

Open Society Foundations

Now playing

“China is facing an economic crisis”: Soros on China and Xi Jinping

Sponsors of the Olympics are trying to walk a fine line between promoting their brands, while staying away from broader criticism of the Beijing games. They’re caught in the middle of diplomatic boycotts, the economic power of Chinese consumers and fear of retaliation by the Chinese government. CNN’s Selina Wang reports.

” data-duration=”03:09″ data-editable=”settings” data-headline=”Olympic sponsors caught in the middle of diplomatic boycotts ​against China” data-index=”idx-7″ data-show-name=”Quest Means Business” data-show-url=”https://www.cnn.com/shows/quest-means-business” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_5cf87f3a252bafe4bd4ae62131eaab08″ data-video-id=”business/2022/01/27/beijing-winter-olympics-sponsors-wang-pkg-qmb-intl-hnk-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_5cf87f3a252bafe4bd4ae62131eaab08″>

A man walks past Winter Olympics and Paralympics branding at the Main Press Centre on January 26 in Beijing, China.

Now playing

Olympic sponsors caught in the middle of diplomatic boycotts ​against China

China’s economy expanded 8.1% in 2021 but slowed down toward the end of the year. Silvercrest Asset Management’s Patrick Chovanec weigh in on the impact of Covid, Evergrande, and the regulatory crackdown.

” data-duration=”03:18″ data-editable=”settings” data-headline=”Covid and the real estate crisis weigh on China’s economy” data-index=”idx-8″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_ba1ac4f2db3d015c4af4f836816243ce” data-video-id=”business/2022/01/17/china-gdp-economy-patrick-chovanec.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_ba1ac4f2db3d015c4af4f836816243ce”>

BEIJING, CHINA - JANUARY 13: A man is given a nucleic acid test for COVID-19  by a health worker at a private testing site on January 13, 2022 in Beijing, China. While China has mostly contained the spread of COVID-19 during the pandemic, and even though cases remain relatively low, recent outbreaks of the virus including the emergence of the highly contagious Omicron variant have prompted the government to lockdown nearly 20 million people in various major cities and to reinforce stricter health measures. Mask mandates, mass testing, immunization boosters, quarantines, some travel restrictions and bans and lockdowns have become the norm as China continues to maintain its zero-COVID policy. China's capital city Beijing, has been put on high alert as it prepares to host the Beijing 2022 Winter Olympics and Paralympics which open next month. (Photo by Kevin Frayer/Getty Images)

Now playing

Covid and the real estate crisis weigh on China’s economy

Hong Kong is holding firm to a zero-Covid policy with strict social distancing and border restrictions. Although the tough policy has saved lives, it has also isolated the once thriving business and logistics hub. CNN’s Kristie Lu Stout reports.

” data-duration=”03:04″ data-editable=”settings” data-headline=”Pandemic empties one of the world’s busiest airports” data-index=”idx-9″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_55e62ab477465ec651c953176229dc24″ data-video-id=”business/2022/01/14/hong-kong-zero-covid-supply-chain-lu-stout-pkg-intl-hnk-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_55e62ab477465ec651c953176229dc24″>

CNN

Now playing

Pandemic empties one of the world’s busiest airports

Watch how noodles, rice and burgers are prepared and delivered by robots at the Beijing Olympics Village. Journalists are among the early attendees having this futuristic experience.

” data-duration=”01:07″ data-editable=”settings” data-headline=”Early Olympics attendees eat noodles served from ceiling” data-index=”idx-10″ data-show-name=”” data-show-url=”” data-source=”CNN Business” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_8923a7197531882e9f15fa1a97ee668e” data-video-id=”business/2022/01/12/food-robot-beijing-olympics-orig.cnn-business” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_8923a7197531882e9f15fa1a97ee668e”>

Reuters

Now playing

Early Olympics attendees eat noodles served from ceiling

Shutdown in Xi’an, China, in response to Covid-19 infections is affecting two of the world’s biggest chipmakers, Samsung and Micron, which have extensive manufacturing facilities in the city. The lockdown can potentially exacerbate the ongoing global chip shortage crisis, reports CNN’s Steven Jiang.

” data-duration=”02:09″ data-editable=”settings” data-headline=”China lockdown is hitting world’s biggest chipmakers” data-index=”idx-11″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_f48c592b641c5c0074564cab9621b741″ data-video-id=”business/2021/12/30/china-xian-lockdown-chip-shortage-samsung-micron.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_f48c592b641c5c0074564cab9621b741″>

Residents queue to undergo nucleic acid tests for the Covid-19 coronavirus in Xi'an in China's northern Shaanxi province on December 29, 2021. - China OUT (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images)

Now playing

China lockdown is hitting world’s biggest chipmakers

Hong Kong news outlet Stand News shut down hours after around 200 police officers raided its newsroom. It was one of the last independent media organizations in Hong Kong. The raid led to the arrest of staff members and has stirred dissent from pro-democracy activists, reports CNN’s Ivan Watson.

” data-duration=”02:53″ data-editable=”settings” data-headline=”Hong Kong independent news outlet closes after police raid and arrests” data-index=”idx-12″ data-show-name=”Newsroom” data-show-url=”https://www.cnn.com/shows/newsroom” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_1b58634bf9c7609538077324433624cf” data-video-id=”media/2021/12/29/hong-kong-news-outlet-closes-police-raid-stand-news-pkg.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_1b58634bf9c7609538077324433624cf”>

Editor of

Now playing

Hong Kong independent news outlet closes after police raid and arrests

China lashed out at Elon Mask stating that his SpaceX’s Starlink satellites endangered Chinese astronauts by flying too close to China’s space station on two occasions. China’s foreign ministry spokesperson blamed the US as well, but the larger issue is how to manage growing traffic in space, says CNN’s Ivan Watson.

” data-duration=”01:58″ data-editable=”settings” data-headline=”China slams Elon Musk and US claiming SpaceX satellites endangered Chinese” data-index=”idx-13″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_4d8700ad81025e71e78fd8878478b766″ data-video-id=”business/2021/12/28/space-x-china-satellite-elon-musk-starlink.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_4d8700ad81025e71e78fd8878478b766″>

SpaceX

Now playing

China slams Elon Musk and US claiming SpaceX satellites endangered Chinese

Chinese live-stream shopping influencer Huang Wei, known as Viya, has received a $210 million penalty for tax evasion and has been kicked off social media. It’s the largest penalty ever imposed on a live-streamer, according to the Chinese state tabloid Global Times, and a sign of the Chinese government’s pressure campaign on internet celebrities.

” data-duration=”01:39″ data-editable=”settings” data-headline=”Chinese ‘live-streaming queen’ hit with huge tax evasion penalty” data-index=”idx-14″ data-show-name=”” data-show-url=”” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_af6b6f7ada3324b2efd9de5ae4d0cd25″ data-video-id=”business/2021/12/21/china-government-fines-livestreamer-viya-tax-evasion-lkl-intl-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_af6b6f7ada3324b2efd9de5ae4d0cd25″>

CCTV

Now playing

Chinese ‘live-streaming queen’ hit with huge tax evasion penalty

Evergrande has defaulted on its debt, according to Fitch Ratings. CNN’s Selina Wang says this shows “Beijing is no longer tolerating reckless borrowing” and economists predict that China “may be moving into an era of slower economic growth.”

” data-duration=”01:41″ data-editable=”settings” data-headline=”China’s Evergrande downgraded by Fitch” data-index=”idx-15″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_7bcef810158e3ebbf669917772fe78e6″ data-video-id=”business/2021/12/09/evergrande-default-debt-fitch.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_7bcef810158e3ebbf669917772fe78e6″>

An aerial view shows the Evergrande Changqing community on September 26, 2021 in Wuhan, Hubei Province, China. In 2015, Evergrande real estate acquired four super large projects in Haikou, Wuhan and Huizhou, with a total construction area of nearly 4 million square meters and a total amount of 13.5 billion yuan. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion. The problems faced by the company could impact China's economy, and the global economy at large.

Now playing

China’s Evergrande downgraded by Fitch

CNN Business  — 

Didi’s regulatory nightmare in China may be nearly over.

That’s according to the Wall Street Journal, which reported Monday, citing unidentified sources, that Beijing’s cybersecurity review of the ride-hailing giant was about to wrap up. The move would allow Didi to return to app stores in mainland China, potentially as soon as this week.

The report, which comes almost one year after the company was first hit by regulators and had its app banned in China, sent its shares in New York up 53% in premarket trading on Monday.

Didi (DIDI) isn’t the only company said to be out of the woods. Two other US-listed Chinese firms — logistics provider Full Truck Alliance (YMM) and online recruitment platform Kanzhun (BZ) — are also reaching the tail end of their respective data security probes, and will have access to app stores restored, too, according to the Journal.

Shares of those companies jumped 27% and 21% in premarket trade on Monday, respectively. Didi, Full Truck Alliance and Kanzhun did not immediately respond to a request for comment.

The conclusion of the cybersecurity review comes too late to save Didi from an ignominious retreat from Wall Street just a year after it listed, and will have further consequences for the company.

All three companies are set to be fined, with the largest levy against Didi, sources told the Journal.

They will also be expected to hand over 1% in equity to Chinese authorities, giving the government an official role in decisions, according to the newspaper.

The news caps a dramatic year for what was once one of China’s most celebrated and valuable companies.

Didi launched a blockbuster initial public offering in the United States last June, raising $4.4 billion.

But just days later, Chinese authorities banned the service from app stores in the country, and initiated the cybersecurity probe. That investigation turned the company into a poster child for Beijing’s crackdown on tech firms, and stopped it from registering new users.

Since then, almost 90% of its market cap has been wiped out, plunging from nearly $70 billion a year ago to roughly $9 billion now.

Didi said last December it would leave the US stock market, without giving a reason. The move was widely seen as an attempt to appease Chinese officials who were unhappy with how it went public overseas.

Last month, shareholders voted to go ahead with the withdrawal after the company said regulators would not be able to conclude their investigation while it remained listed on Wall Street. The company plans to list its shares in Hong Kong but has not laid out a specific timeline.

Didi is also facing scrutiny in the United States. Earlier this month, it disclosed that it was being investigated by the Securities and Exchange Commission for the bungled IPO.