Shares of DiDi Global are off 25% premarket to $11.60 as trading reopened after the July 4 holiday weekend. That's also 17% below DiDi's IPO price of $14, though many retail investors likely bought in a lot higher. Fearful of their growing influence, China is in the middle of a sweeping crackdown on the nation's biggest tech firms. Last November, Beijing pulled the planned IPO of fintech giant Ant Group, and in April, it hit Alibaba with a record $2.8B fine over abusing its market dominance. In May, China's antitrust regulator also ordered DiDi and nine other on-demand transport companies to overhaul their practices ranging from price hikes to driver treatment.
JPMorgan Chase has made more than 30 acquisitions in 2021, putting America’s biggest bank by assets on track for its largest buying spree in years. The acquisitions, mostly of smaller companies ranging from an online money manager in Britain to a Brazilian digital bank, are a sign of how JPMorgan chief Jamie Dimon is turning to deals to expand the banking giant. The bank has done 33 deals so far in 2021, according to data from Refinitiv, with nine deals alone in June.
Saudi Arabia and the United Arab Emirates headed into the boxing ring for another round on Monday, before OPEC+ called it quits on a production deal. The unresolved spat between the long-time allies saw WTI crude soar another 2% to near $77/bbl, further squeezing an already tight oil market and raising concerns over inflation. At issue is the current terms of "baselines," or the measure in which each country calculates its production cuts. The UAE feels its current level is too low - but the Saudis and Russia have rejected any readjustments, fearing that other OPEC members will issue similar demands.