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Didi President Liu Qing (R) and CEO Cheng Wei in Beijing. Photo: Xin Yue/Huanqiu.com/VCG via Getty Images

Chinese ride-hailing company Didi Chuxing started trading on the New York Stock Exchange Wednesday — popping nearly 19% from its $14 IPO price.

Why it matters: Didi’s debut makes it one of SoftBank’s biggest exits. Masayoshi Son’s Vision Fund is the company’s biggest investor with a roughly 20% stake in the company. 

The intrigue: SoftBank also backed Uber (also an investor in Didi), which went public in 2019 under very different market conditions and opened for trade below its IPO price and closed even lower

Go deeper

A look at WeWork's most notable moments

Illustration: Annelise Capossela/Axios

WeWork will finally become publicly traded next month — two years after its failed IPO attempt — as it completes its merger with a special purpose acquisition company (SPAC).

Flashback: Since the co-working office company's initial public listing plans flamed out in spectacular fashion, WeWork has become a very different company.

The startup that wants to disrupt big internet providers

Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.

42 mins ago - World

Top general: China's hypersonic missile test "very close" to a "Sputnik moment"

Gen. Mark Milley. Photo: Rod Lamkey-Pool/Getty Images

Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, warned Wednesday that China's test of a hypersonic missile is "very concerning" and "very close" to the kind of "Sputnik moment" that triggered the Space Race during the Cold War.

Why it matters: The comments by America's top uniformed general underscore the depths of U.S. concerns about China's rapid military expansion and development of advanced weaponry.