As hard as it will be for ride-hailing giant Didi Global to move its stock to Hong Kong from New York, the real 800-pound gorilla in the room is the government's cybersecurity review and other regulatory issues.
They amount to a black cloud hovering over the business. Didi's ride-hailing orders have fallen by 30% compared with the same time last year, Caixin has learned. Dozens of Didi's mobile apps have been barred from new downloads over the past few months on the order of the Cyberspace Administration of China (CAC), threatening business growth.
