Once hailed as a national champion for driving Uber Technologies out of China, Didi's business took a hit after Beijing cracked down on its data-sharing practices. Didi was one of the most prominent companies targeted by Beijing during a crackdown on the increasingly powerful Internet industry from 2020. Regulators fined the company US$1.2 billion in 2022 and forced it to delist from New York's mainboard after Didi proceeded with an IPO despite authorities' objections. This year, co-founder Jean Liu – who helped oversee the US debut – stepped down from her roles as president and board director, though she was appointed a permanent partner and chief people officer. Didi's shares now trade only over-the-counter in New York and remain significantly below its IPO price of US$14 in 2021. The company aims to list on the Hong Kong stock exchange, though the timeline remains unclear. BLOOMBERG