Didi Global languishes in limbo, ordered by Beijing to pull shares off Wall Street and, for now, denied permission to float them in Hong Kong

Cordell Eminent Scholar Jay Ritter, who researches IPOs argues that while Didi is “at the mercy of the Chinese government,” the company’s dominance in China creates an opportunity for Didi to raise prices and attain profitability—provided it can win the state’s support.

Read more insights from Ritter in this story from Fortune. [Subscription required.]