What did Didi’s bankers know before the IPO?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 7 July 2021
⏱️ 9 minutes
🧾️ Download transcript
Summary
Didi lost a fifth of its market value after Chinese regulators announced an investigation into the ride-hailing app that last week raised more than $4bn in a New York IPO, the Opec impasse highlights growing tensions between Saudi Arabia and the United Arab Emirates, the Pentagon cancels a highly sensitive $10bn cloud contract awarded to Microsoft, and a new report that says Viktor Orban’s government is failing to ensure the transparent use of EU funds and their independent oversight, which will embolden calls to withhold payments to Hungary.
Didi caught as China and US battle over data
https://www.ft.com/content/00403ae5-7565-413e-907d-ad46549375ba
Pentagon cancels $10bn cloud contract awarded to Microsoft
https://www.ft.com/content/7ac0e691-665f-4328-8b29-ee4883068e80
Opec impasse sees UAE ‘flexing its muscles’ against Saudi Arabia
https://www.ft.com/content/baca384d-c477-4a8b-bdcd-b174317af387
Orban government not ‘reliable steward’ of EU funds, report says
https://www.ft.com/content/4d79583c-f5a1-40be-93dc-cae27e6c713f?
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.6 | Today is Wednesday, July 7th, and this is your FT News Briefing. |
| 0:08.4 | A new EU report will add pressure to withhold funds from Hungary, |
| 0:12.4 | the Pentagon just cancelled a massive contract with Microsoft, |
| 0:16.1 | and a feud between Saudi Arabia and the UAE is rattling oil markets. |
| 0:20.8 | But first, the biggest Chinese IPO in years has turned into a giant mess. |
| 0:26.0 | What are bankers saying about DD Chushing and what's next for Chinese tech companies that want |
| 0:30.9 | to list in the US? I'm Mark Filipino and here's the news you need to start your day. |
| 0:40.4 | Who knew what and when? Those are the questions swirling around the mess that is the listing of |
| 0:46.3 | Chinese company DD Chushing. The huge ride-hailing company went public on the New York Stock Exchange |
| 0:52.0 | last week, and right after, Chinese officials removed the app from Chinese online stores. |
| 0:57.6 | They said the company had violated privacy laws, and the move crushed DD Stock price on Tuesday. |
| 1:03.5 | By the end of trade, it was down about 20 percent. The FT's Joshua Franklin told me that bankers |
| 1:09.6 | he spoke to say they were blindsided. They're dejected by this, really. I mean, |
| 1:14.6 | this really was an enormous deal. One of the biggest IPOs of the year, one of the biggest |
| 1:19.1 | foreign IPOs of all time in New York. It really should be a banner transaction to work on, |
| 1:25.7 | and for it to turn so sour so quickly, they're still wrapping their heads around it, |
| 1:30.4 | and now they'll be braced for potential litigation that might come out of this and just |
| 1:35.6 | a lot of work that of looking into how this happened. From what I've heard from people who |
| 1:41.3 | worked on the deal and what we've reported, they did their normal due diligence on transactions |
| 1:46.6 | and were comfortable underwriting the deal, but obviously that didn't stop the deal from |
| 1:51.7 | unraveling as quickly as it did. But, Josh, there were concerns about regulatory issues |
... |
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