BEIJING, July 6 — China will step up supervision of Chinese firms listed offshore, its cabinet said today, days after Beijing launched a cybersecurity investigation into ride-hailing giant Didi Global Inc on the heels of its US stock market listing.
Under the new measures, China will improve regulation of cross-border data flows and security, crack down on illegal activity in the securities market and punish fraudulent securities issuance, market manipulation and insider trading, a statement by China’s cabinet said. China will also check sources of funding for securities investment and control leverage ratios, it said.
Earlier today, Didi shares slumped as much as 25 per cent in US pre-market trade ahead of their first session since the Cyberspace Administration of China ordered the company’s app be removed from app stores in the country just days after its US$4.4 billion listing on the New York Stock Exchange. US-listed Chinese companies including Full Truck Alliance and Kanzhun Ltd were also set to open lower today after the CAC yesterday announced cybersecurity investigations into their affiliated businesses. — Reuters
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