(Reuters). Following Didi Global’s decision not to list on the New York stock Exchange but to seek a Hong Kong listing, there are some reactions.

Didi pushed through with the $4.4 billion U.S. IPO, despite being told to stop it while a review was done on its data practices.

JUSTIN TAN, HEAD ASIAN RESEARCH UNITED FIRST PARTNERS – SINGAPORE

Given the post-IPO crackdown, Didi’s listing was expected. This will set an example for all other U.S.-listed companies with data issues, particularly those that are.

Ant’s failed IPO was the catalyst for this crackdown. Already, the Chinese government has shown it is willing to go above and beyond what was expected by markets. “It will take some time before people start to like Chinese names.”

KENNY NG. SECURITIES STRATEGIST. EVERBRIGHT SAN HUNG KAI. HONG KONG.

“Didi’s plan to delist in the United States and the listing of Hong Kong stocks I believe will have an obvious impact on location decisions for large technology stocks’ future listings.  This event also makes it clear that technology stocks will be subject to continued industry oversight in America. The decline in stock prices for technology stocks currently listed in Hong Kong reflects this fact.

Didi is a company with its unique characteristics. Because Didi’s business has more data related to customer information, which is leading the regulatory authorities to pay it special attention.”

MING LU, AEQUITAS RESEARCH ANALYST, SHANGHAI:

I don’t think that this move will bring any benefits to Didi’s shareholders. Didi’s final sentence has yet to be announced by the authorities. The investigation into Didi is continuing after over 100 days. Didi and its shareholders are still at great risk.

KYLE RODA, IG ANALYST MELBOURNE

This could lead to volatility in markets exposed to U.S. trade and U.S. China geopolitics. In particular, you may see some pressure in Hong Kong stocks. These stocks have had a tendency to invest capital in the United States and then base themselves in China to make the most of their profits.

This is a longer term issue that is even more important, since this will be one of those “frogs in beaker” scenarios, where there is very slow decoupling between China and the U.S. in their economic relations as well as their interconnectedness in the global financial systems.

TOM NUNLIST, SENIOR ANALYST AT CONSULTANCY TRIVIUM CHINA, BEIJING:

My two thoughts are that if it is confirmed that the driving force behind this push was the regulator, then there will be a big flex. It would be another sign of its growing power and influence.

Although data security appears to be the issue, we don’t really know why. The outstanding question is this.