Didi Shares Plunge As China Cracks Down

Dubbed China’s Uber, Didi was founded just nine years ago by former Alibaba executive Cheng Wei. It has gone on to dominate the country’s ride-hailing market after winning a costly turf war against the US titan in 2016 and taking over Uber’s local unit
But the company has endured a series of blows in recent days.
The Wall Street Journal reported that the Chinese watchdog agency attempted weeks before the bumper IPO to dissuade Didi from going ahead the share sale and urged the firm to launch an internal security probe.
Didi shares dove 24 percent to $11.79 just after the opening bell.
Two other US-listed Chinese tech firms targeted by Beijing — Kanzhun and Full Truck Alliance — were also sharply lower.
And the order against Didi came as China moved Tuesday to tighten rules on companies seeking to sell shares overseas, saying there needs to be more extensive cooperation between international regulators on data security, The Wall Street Journal reported.
AFP
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July 30, 21:21Highly energetic blog, I enjoyed that a lot. Will there be a part 2?