Beijing’s city government seeks to take Didi under state control

The central thrust of the Beijing government’s proposal is to regain control over one of the city’s largest corporations, particularly data that it hoovers up from hundreds of millions of users daily – a fount considered vital to the economy and social stability. — AP

Beijing’s municipal government has proposed an investment in Didi Global Inc that would give state-run firms control of the world’s largest ride-hailing company, according to people familiar with the matter.

Under the preliminary proposal, Shouqi Group – part of the influential Beijing Tourism Group – and other firms based in the capital would acquire a stake in Didi, the people said, asking not to be identified discussing private information. Scenarios under consideration include the consortium taking a so-called “golden share” with veto power and a board seat, they added.