A year ago, Didi Chuxing, China's largest ride-sharing company, looked like a quintessential "national champion". It had driven Uber Technologies from the local market, attracted investment from Apple and was contemplating a Hong Kong IPO worth as much as US$80 billion (S$108 billion).
State media coverage was fawning, government support was all but assured and the company's near-monopoly looked unassailable. That's no longer the case.
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