The world this week - Business
The share prices of China's tech giants swooned after regulators stepped up their offensive against the industry.
The focus this time is on Didi Global, a ride-hailing service, which was ordered to pull its app from app stores because it is being investigated for a non-specified misuse of users' personal data.
Only a few days before, Didi had completed a successful IPO in New York raising $4.4bn, the most for a Chinese company since Alibaba, which is also in the cross-hairs of officials in Beijing for becoming too powerful.
Another way that China is trying to defang its tech tigers is by cracking down on Chinese companies that have listed their shares in America or intend to do so, this week promulgating a broad review of the rules that allow them to tap foreign capital markets.
China's actions increase the uncertainties for investors.
Those who piled in to Didi's New York offering saw the value of their stock drop by a quarter in subsequent days.
A bidding war was on the verge of breaking out for Morrisons.
Britain's fourth-biggest supermarket retailer has accepted a ￡6.3bn ($8.7bn) proposal from Fortress Investment, but other American private-equity firms are circling.
This comes amid the fastest pace of private-equity buyouts in Britain for two decades, which some decry as a raid on companies that are undervalued on London's stock market.
Wise, a company providing currency and banking services, avoided an IPO and listed its shares directly on the London Stock Exchange, a novelty for the City.
The successful flotation of the fintech was a relief for the LSE following the disastrous IPO of Deliveroo in March, which left some wondering if tech firms should avoid the bourse.