Imagine buying a car in the u.s waking up one day and your car is gone and somebody calls you and tells you well. We just moved your car to hong kong. You can drive it in hong kong, no problem. We don't need to refund you now didi saying that it will finally drop its u.s listing pretty short-lived stint over the new york stock exchange.

I mean it only uh, as i see here listed over in july, a 4.4 billion dollar u.s ipo highly anticipated a lot of coverage. We were talking about it for months, but did he just as i say six months later coming out saying it will start work on delisting from the new york stock exchange? This is exactly what just happened: didi the chinese uber, finally confirming on their own website that they are the listing from the new york stock exchange. This is, according to its weibo account the uh twitter-like social media platform. Didi global.

The board has also authorized the company. Now, to pursue a listing of its a class, a ordinary shares on the main board of the hong kong stock exchange, apparently everybody that will telling me that i'm foster i'm spreading fake news, i'm spreading fear-mongering. Apparently they were wrong and i was right. This is real.

Now the second piece of information i want to give you today is what's going to happen to all the shareholders of divi, because it's really important a lot of people have money in this company and i feel bad for them. But i said this about a week ago, when i put out my video that, unfortunately, any daydreams you're having about getting your money back by them, the listing and refunding you, the original ipo price you paid for every share ain't gon na happen. Why? Because i have common sense because doing that will essentially eliminate the whole scam. The scam was go public in the us.

Take a few billion dollars from investors, pull the rug run away. Now, if you just refund people kind of goes against that theory, you know it's not a good scam. If you eventually refund it, it's more like a prank, and i don't think this was a prank. I think it was a full-blown scam.

Now, here's what's going to happen, everybody's going from the new york stock exchange to the hong kong stock exchange, essentially now you're going to own shares in the hong kong stock exchange and unfortunately, those will be heavily discounted with everything that's going on with dd they're, not Going to be worth the same, not even close to what you paid for the company is not in good terms with the chinese government nobody's going to give you anything close to the original ipo price and unfortunately, a lot of people are going to be back holding. But the company took a few billion dollars from investors, and now all these u.s investors can fight amongst themselves. Who is going to get screwed more, but the company is keeping the money, they got the ipo, no problem, here's the more interesting story here, while this is developing another story, just came out of bloomberg according to unnamed sources which were already denied by official chinese sources. We know how this usually plays out initially, there's a leak, there's a denial and then like indeed's case.

This is what you get at the end, so, according to unnamed sources in bloomberg and by the way, this is bloomberg. So i'm assuming they've confirmed this. So the chinese government put out a draft of the new exchange listing rules, basically saying that foreign views variable interest entities is no longer legal and by the way vi is, is exactly what we have a neo expand alibaba every chinese company in the us uses these Vis, essentially rendering every single chinese company, which has gone public in the us illegal now, of course, this is a draft and, of course, there's going to be a lot of denial from official chinese government, which has already actually released its denial, but it just makes sense Because they just said it's illegal by making didi unlist. So a lot of you, people who are going to be saying well tom, the chinese government has denied this.

Why would they hurt their own industry by disallowing vis? Well, let me explain: they don't give a about you, it's china they're being a little they're going to take your money and just pull the rug. Now i want to explain what the vie is, for you know the common person. Like me, this is a baseball right. You can disagree with my fandom, but this is my team.

In case you didn't know i'm coming out, and this is a baseball i own, this baseball, it's mine pay for it, i own it. I can do whatever the i want with this now. A vie is essentially you owning rights to a company, that's owning this bowl, so basically your own shares in a company that owns this ball. So essentially, you have no ownership with this physical ball, but you have a contractual right that allows you to get proceeds.

If that company ever sells that ball, essentially, if far less of a property right on the same ball, essentially you have no balls. If you do a vi structure, va structure is exactly the same, and now china is basically saying well. We completely overlooked this. For many many years like we did with ip theft because it was convenient and now we're just shutting it down the odds of them basically saying well, you know the existing vies are going to be left alone, very slender, and, as expected already in this draft, they've Indicated that there will be adjustments made to existing vis variable interest entities, essentially that's when a chinese company is held by a hong kong company held by cayman out of this company and then the u.s people buy the cayman islands company.

Now my take on this, i'm extremely happy that this is happening not because people are losing money that sucks not happy about that. I'm happy because it puts an end to people losing money to this china scam. This is pretty much the biggest chinese camp in the market. Finally, they're going to have to cut it off and no more u.s funds will be lost in these chinese camp companies.

Thank god for that, at least, and in case you want to see my prophecy from about 10 days ago. I'm gon na put it right here where i called exactly what's happening today, go and watch this and tell me i wasn't right. Thank you, the members. Thank you for the patreons, we'll see you tomorrow.