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Shares of Didi jump on reports of end of Chinese probe
By Yashasvini Razdan - Jun 06, 2022, 05:17 PM ET
Last Updated - Mar 01, 2024, 08:28 AM EST
Shares of Chinese ride-hailing giant Didi Global (NYSE: DIDI) jumped as much as 53% during pre-market trading on Monday after The Wall Street Journal reported regulators are concluding investigations into the company
• Chinese authorities will reportedly lift the ban on Didi for adding new users
Shares of Chinese ride-hailing giant Didi Global (NYSE: DIDI) jumped as much as 53% during pre-market trading on Monday after The Wall Street Journal reported regulators are concluding investigations into the company.
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The report stated that Chinese authorities would lift a ban on Didi and two other U.S.-listed, Chinese tech companies, allowing them to add new users as early as next week and reinstate the company’s app in domestic app stores.
Didi got listed on Wall Street last year, with a blockbuster opening, but the Chinese authorities initiated a cyber-security probe into the company, sending the stock crashing down.
Chinese logistics platform Full Truck Alliance Co. (NYSE: YMM) and online recruitment firm Kanzhun Ltd., (NASDAQ: BZ) were subjected to similar cybersecurity reviews by regulators around the same time as Didi.
Didi shares have fallen about 85% since their opening price of $14. Didi said in December that it will delist from the New York Stock Exchange and seek to list in Hong Kong instead.
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Source: Wall Street Journal
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