Hi, I'm Dan Pramette, and welcome to Axios Recap, where we dig into one big story.

Today is Wednesday, July 7th. Eric Adams is likely in as New York City's next mayor. Donald Trump is out

with lawsuits against social media, and we're focused on China's big tech crackdown.

Last month was supposed to be a global victory lap for Chinese tech companies.

Didi, the country's answer to Uber, went public on the New York Stock Exchange at around a $70 billion valuation and only got more valuable as trading began.

But soon after came news that the Chinese government had launched

a cybersecurity investigation into Didi and into several other local tech companies, some of which

had previously listed shares on U.S. exchanges. After that, the developments came fast and furious.

Over the weekend, the Chinese government banned Didi from app stores. Soon after, the Wall Street Journal reported that Chinese regulators had advised DEDY

against going public, but the company did so anyway, without warning investors.

Today, China announced new rules for Chinese companies listing overseas, including in the

U.S. This could impact not just D.D, but also companies like

Alibaba, and all of it comes against the backdrop of a new data security law, which was

passed in China last month, but which doesn't go into effect until September. The big picture

here is that China's government has long supported its homegrown tech companies, primarily

through investment and making things harder for foreign rivals. Now, though, it's turned that critical eye inward. So today we'll

speak with Ray Ma of TechBuzz China about what suddenly changed, the impact on companies like

Dedi, and the future of Chinese companies going public in the U.S. That conversation in 15 seconds.

We're joined now by Ray Ma, a China tech analyst at TechBuzz China.

So, Ray, the Chinese government says it's cracking down now because of data security concerns.

But what's new about data security concerns in 2021 that wouldn't have been true a

year or two or six months ago? Actually, the data security law that's been passed recently

...