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China's tech giants must resolve dangers lurking in plain sight

Ant and Didi dramas essential to understanding Beijing's stock market experiment

| China
Traders work during the IPO for Didi Global on the New York Stock Exchange floor on June 30: Didi had already started trading when the regulator blew the whistle.   © Reuters

Fraser Howie is co-author of "Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise."

The investigation into newly listed ride-hailing giant Didi Global is the latest in an ongoing clash between China's tech sector and regulators as the state brutally exerts control after years of hands-off management.

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