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Beijing has modified capital market rules to nurture home-grown innovators looking to go public. But the probe against Didi may signal an inflection point that brings deals back from overseas.

China's internet regulator clamps down, days after US IPO.

Following a year of mega IPO flops, Chinese VC investment plummeted in the second quarter as private investors baulked at spiralling valuations. Staying private for longer will no longer be so easy for entrepreneurs.

The ride-hailing unicorn is launching a super-app, seeking out partners along the transport value chain, and targeting $1 billion in revenues this year. It’s drive for scale refuses to slow.

As ride-hailing giants consolidate and focus on their own markets, investors will celebrate. But becoming a dominant player brings risks.

China’s ride-hailing giant heads into a new battle with US rival Uber by acquiring Brazilian peer 99. It paid $600m for the stake and pumped $300m into the company, source says.