![]() ![]() It said its business has been hit significantly by Covid-19, and the pandemic could continue to impact growth in the future. ![]() “Such tensions between the United States and China, and any escalation thereof, may have a negative impact on the general, economic, political, and social conditions in China and, in turn, adversely impacting our business, financial condition, and results of operations,” the company said. Nearly $5 billion has been raised by Chinese firms so far in 2021, more than triple the amount reached at this point last year.ĭidi acknowledged the risks in its prospectus, writing that there have been “heightened tensions in international economic relations.” It mentioned US-China disputes on trade, Covid-19 and Hong Kong, among other issues. Over the past couple of years, a flurry of Chinese companies that trade on Wall Street have held secondary listings in Hong Kong so they can establish stronger roots closer to home, citing worsening regulatory hurdles.ĭespite the tensions, 2020 still saw some $12 billion raised by Chinese companies from US listings, according to data provider Refinitiv. (PDD), but the environment has gotten a lot more volatile. A lot of major Chinese tech firms trade in New York, including Alibaba Wang Zhao/AFP/Getty ImagesĬan China still lead the world in tech without a new Jack Ma?ĭidi’s US listing is notable amid ongoing US-China tensions. Alibaba's co-founder Jack Ma (R) looks at Tencent Holdings' CEO Pony Ma during a government celebration meeting marking the 40th anniversary of China's "reform and opening up" policy at the Great Hall of the People in Beijing on December 18, 2018. ![]()
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