China's national champions are vulnerable too

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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A version of this article appeared in the print edition of The Straits Times on March 05, 2019, with the headline 'China's national champions are vulnerable too'. Print Edition | Subscribe