Secure Freedom Minute: Learn from, Don‘t Fall for Didi‘s Bait-and-Switch
Didi, China’s counterpart to Uber, exemplifies the dangers of investing in companies controlled by the Chinese Communist Party. Following its Initial Public Offering on Wall Street last summer, a CCP investigation sent the stock plunging, inflicting losses of $22 billion in market value.
Now, the CCP is compelling Didi to delist from the New York Stock Exchange over concerns that U.S. capital markets might finally start requiring proper audits of Chinese companies. Didi will likely relist in Hong Kong, however – a gambit enabling continued American investment under circumstances that protect neither our investors nor broader national interests.
Yesterday, our Committee on the Present Danger: China examined these and other perils associated with transferring U.S. wealth in pension, index and mutual funds to the Chinese Communists. Join us in urging President Biden to end this practice by signing an open letter at MadAsHellCampaign.org.
This is Frank Gaffney.
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