SHANGHAI, Jul 8 (Reuters) – Didi Global Inc (DIDI.N) fell for the third straight year on Wednesday after China ordered the app to remove the app from the mobile app as part of a wider crackdown against China-based companies with foreign listings -Stores is removed. Continue reading
The Cyberspace Administration of China (CAC) has conducted security audits of Didi and three other internet companies, sparking a wider sell-off among publicly traded Chinese tech companies overseas.
Here are some comments from investors and analysts on the outlook for China’s tech sector:
MAX LUO, PORTFOLIO MANAGER, UBS ASSET MANAGEMENT CO:
“The market has to reassess relevant sectors. With the barbaric growth of the past few years, some companies could grow 50% a year. Now the growth rate could drop to 30% with stricter regulations.
Luo added that China’s cybersecurity investigation could affect more companies than the …