Analysis: China is cracking down on data privacy. That’s terrible news for some of its biggest tech companies

 Analysis: China is cracking down on data privacy. That’s terrible news for some of its biggest tech companies

Already, the company that elbowed Uber out of China has been kicked off app stores in the country and warned that it violated laws about data collection. The regulatory pressure has upended its first days as a publicly traded company in New York, with shares plummeting nearly 20% on Tuesday and retreating even more on Wednesday. All told, Didi has shed some $29 billion in market value from its peak.

Didi isn’t the only Chinese company now entering Beijing’s line of fire. Two other businesses that recently listed in New York — truck-hailing company Full Truck Alliance and job listing firm Kanzhun have been singled out by Chinese regulators as targets of a probe “to prevent national data security risks.” Their stocks have fallen 11% and 12%, respectively, this week.

The focus on Didi and other US-listed Chinese firms indicates that China’s tech crackdown has entered a “new stage,” according to Alex Capri, a Singapore-based…

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