China’s Didi crackdown is a ‘large F-U’ to America, Kyle Bass says

China's Didi crackdown is a 'big F-U' to America, Kyle Bass says


“The Chinese believe deeply in symbolism and numerology,” Bass told CNN Business on Wednesday. “Banning an IPO that just went public in the US — with US investor money — on our Independence Day was basically a big F-U to the United States.”

Didi, one of the largest ride-hailing companies in the world, raised $4.4 billion by listing its shares on the New York Stock Exchange on June 30. It was the biggest US IPO by a Chinese company since 2014. Just two days later, China launched a probe into Didi that escalated further last weekend.

“They knew this was going public. They knew they were going to ban it from app stores and shut it down,” said Bass, the founder and chief investment officer of Hayman Capital. “Nothing happens without the behest and pleasure of [Chinese President] Xi Jinping.”

The fact that the crackdown by China wasn’t announced until after Didi went public cost some American investors dearly. Didi is extremely reliant on its home market for revenue. The company’s…