China's tech crackdown plunges DiDi Global's share along with other U.S. listed Chinese firms
On Sunday, the Cyberspace Administration of China (CAC) ordered smartphone app store operators in the country to remove DiDi’s app from the store, which let the customers book a cab service, after the regulators found that the company had illegally collected users’ personal data
By Arghyadeep Dutta, 1:00 pm ET:
Chinese ride-hailing service provider DiDi Global Inc’s(DIDIY) shares dropped about 25% in the pre-market trade at New York on Tuesday after China ordered the company to take down its app over data violation days after its $4.4 billion listing on the U.S. market.
On Sunday, the Cyberspace Administration of China (CAC) ordered smartphone app store operators in the country to remove DiDi’s app from the store, which let the customers book a cab service, after the regulators found that the company had illegally collected users’ personal data.
Other Chinese firms listed in the U.S. exchanges, including Full Truck Alliance and Kanzhun Ltd, opened low on Tuesday after the CAC announced cybersecurity investigations into their affiliated companies the previous day.
