SEC temporarily halts approvals of new Chinese IPOs

The announcement Friday, first reported by Reuters, shows regulators are taking a much more cautious stance on Chinese companies looking to sell shares in America following the disastrous meltdown of ridesharing giant Didi Global. Shortly after Didi went public on the New York Stock Exchange on June 30, Beijing cracked down on the company due to concerns about its cybersecurity practices. Didi’s stock has plunged more than 30% from its initial public offering price of $14 a share, and is trading at nearly half the peak of above $18 that it hit on its IPO day.China’s scrutiny on the company is part of a wider push by the government

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